One year after the largest liquidation event in crypto history, market liquidity shows a clear divergence. Source: coindesk.com.
Bitcoin and Ether Liquidity Recover
Bitcoin’s order book is now deeper than before the crash.
This increase is measured in dollars, not price. Bitcoin is about one-third cheaper than before the crash, so the deeper book reflects more committed capital from market makers.
At 5% from the price, depth is roughly where it was in January 2025.
Ether Shows Stronger Recovery
Ether’s depth within 0.5% of the price has more than doubled since the crash, reaching about $4.2 million.
“The majors’ deepening is real capital, not a price effect,” said CoinDesk Researcher Saksham Diwan.
Altcoins Face Ongoing Liquidity Risks
For altcoins, dollar depth has declined since early 2025.
At 1%, depth has fallen by about a sixth.
Analysts say this improvement is largely due to falling prices, not increased capital commitment.
Spot Trading Volumes Remain Low
Activity bottomed in August and has since doubled, but remains well below pre-crash levels.
What It Means for the Market
“A year ago, we wrote that liquidity was thin and fragmented,” said Joshua de Vos, CoinDesk Research lead.
“We now have an answer: bitcoin and ether. Market makers have returned to majors, with liquidity above pre-crash levels, whilst altcoin liquidity continues to trend down as a whole.
Beyond a select few altcoins, this divergence is expected to persist into next year as institutional interest remains focused on major assets.
Sources & further reading
Featured image: Bitcoin Market Crash.jpg by Edwin.images, CC BY-SA 4.0, via Wikimedia Commons. Image source · License
