Bitcoin and Ether order books are now deeper than they were before the crash, while altcoin liquidity keeps draining away, and spot trading remains far below its October 2025 peak.

One year after the largest liquidation event in cryptocurrency history, the market's "plumbing" presents a divided picture. Bitcoin and Ether order books now hold more resting liquidity than they did on the day of the crash or at the start of this year. Smaller tokens and spot trading, however, have not kept pace.

On the morning of October 10, 2025, Bitcoin, just days after setting an all-time high above $126,000, slipped modestly to $122,600. Hours later it had plunged below $105,000, with most of the decline occurring within minutes of thin Friday evening (US time) trading.

To gauge the recovery since then, one can compare market depth on major centralized exchanges across four dates: January 1, 2025, October 10, 2025, January 1, 2026, and this week. Depth refers to the value of buy and sell orders resting near the current price. The deeper the order book, the more volume a large trade can absorb without moving the market.

The Bitcoin order book is now deeper than on any of those earlier dates. On October 7, about $11.7 million in orders sat within 1% of the price. That is roughly 75% more than on the crash day a year earlier, and also above the roughly $9 million at the start of this year and the roughly $6.9 million in early 2025. This is not a price effect. Bitcoin is about one-third cheaper than before the crash, so a deeper order book measured in dollars reflects market makers committing more capital, not merely the lower value of the tokens.

Most of the improvement is concentrated near the price, where market makers quote most actively. Further out, at 5% from the price, depth of about $24 million is roughly flat versus January 2025.

Ether's recovery has been stronger in some respects. Since the crash day, depth within 0.5% of the price has more than doubled to about $4.2 million. Within 1%, depth rose by about three-quarters to roughly $5.3 million, above the readings from the previous two Januaries.

"The deepening in major coins is real capital, not a price effect," said researcher Saksham Diwan.

The rebuilt order books faced an early test this week. As the market sold off, Bitcoin's 1% depth fell about 12% between October 7 and October 8. Ether's depth in its narrowest band thinned slightly, but orders further from the price increased.

Altcoins left behind

For altcoins, the picture is the opposite. In a basket of altcoins, depth measured in dollars was highest on January 1, 2025, and has been lower on every measurement date since. Depth at 5% from the price has fallen about one-third since early 2025, to about $2 million. Closer to the price, at 1%, it has dropped by about one-sixth.

Measured in token units, altcoin depth looks healthier: it peaked on January 1 this year and has only edged lower since. But analysts say the recovery in token terms is mostly a result of falling prices, masking a continued erosion of committed capital.

Spot trading shrinks

Spot trading has yet to recover. In the four weeks through September 27, average weekly spot volume on centralized exchanges was about $279 billion, nearly two-thirds below the $801 billion recorded in the week of the crash. Activity bottomed in August, when weekly volume fell to about $135 billion, and has since doubled. But it remains far below the levels around the crash.

What this means

On October 10, 2025, crypto liquidity vanished within hours. Where it went next was an open question. "A year ago, we wrote that liquidity was thin and fragmented, and it was unclear where capital would rotate once the dust settled. Now we have an answer: Bitcoin and Ether," said researcher Joshua de Vos. "Market makers have returned to the major coins, with liquidity above pre-crash levels, while altcoin liquidity has continued to decline overall. Aside from a select few altcoins, I expect this divergence to persist into next year, as major coins continue to dominate institutional interest and volume."