Are we underestimating liquidity risk in smaller-cap crypto projects?

One thing I’ve been thinking about lately is how quickly liquidity conditions can change in smaller-cap crypto markets.

During strong market phases, spreads tighten, volumes look healthy, and it feels like entry and exit are easy. But in weaker conditions, liquidity can evaporate fast, and price discovery becomes much less efficient.

For those actively trading or holding smaller-cap tokens:
How do you factor liquidity risk into your position sizing? Do you adjust exposure based on volume depth, exchange concentration, or simply treat it as part of the volatility premium?

Not asking about specific tokens more about risk management approaches in less liquid segments of the market.