The transaction volumes with Steem of around $1.5mil / day on exchanges are too low to assure a proper liquidity!
This observation is of common sense actually. It's also the reason why Steem price is so easily pumped and dumped, and why exchanges like Binance take measures to counteract it, by suspending Steem deposit and/or withdrawals.
If we look at 
That's 62.3% of all liquid Steem and 18.1% of the total Steem supply. More Steem on the exchanges doesn't necessarily mean higher daily volumes, people would need to see value in transacting Steem more often, OR more people should see the value in Steem and want to buy it, thus creating a buy pressure and raising its value.
We incentivize hodling Steem through powering up, which is one of the best mechanisms for the Steem blockchain on the long term, however on the short term it can create some anomalies because not enough people are interested in transacting Steem regularly and that shows especially when the entire market is down, as it is now.
This is a good example of when a market maker would be great for Steem (as for the entire crypto space). Otherwise, the market will fix these anomalies, but it will take time, and often suspension of trading of your token doesn't help.