The liquidity is increasing because of the current gold rush. People who have no business getting into this kind of investment are buying in, thus increasing liquidity. I can no longer count the amount of acquintances who have bought 5-10K USD worth of BTC or Litecoin or Ripple or whatever, without having even a cursory understanding of the mechanics behind it.

These types of investors also panic easily, once the bank run starts, nobody will be buying. In fact, I bet most exchanges will simply close up shop.