CoinDesk
Bitcoin and ether now have deeper dollar-denominated order books than they did during the Oct. 10, 2025 crash, while altcoin liquidity and spot trading remain well below earlier levels. Bitcoin depth within 1% of the price reached about $11.7 million on Oct. 7, roughly 75% above crash-day levels. Ether depth within 0.5% more than doubled to about $4.2 million.
The split follows the largest liquidation event in crypto history. Bitcoin fell from $122,600 to below $105,000 in hours after President Donald Trump announced 100% tariffs on Chinese imports, while more than $19 billion in leveraged positions were liquidated.
Why it matters
Deeper books near the current price indicate that market makers have committed more capital to Bitcoin and Ether, rather than the improvement coming only from lower token prices. CoinDesk Researcher Saksham Diwan called the majors’ deepening “real capital, not a price effect.”
Bitcoin’s 1% depth rose from about $6.9 million at the start of 2025 and $9 million at the start of 2026 to $11.7 million this week. Ether’s 1% depth reached roughly $5.3 million, about three-quarters above crash-day levels. The recovery is concentrated close to the market, where liquidity providers quote most actively.
Market impact
Altcoins show the opposite trend. In CoinDesk Research’s basket, depth 5% from the price fell about a third from the start of 2025 to around $2 million, while 1% depth dropped about a sixth. Token-denominated depth looks healthier largely because falling prices make the same liquidity appear larger in unit terms.
Spot activity also remains weak. Weekly centralized-exchange volume averaged about $279 billion in the four weeks to Sept. 27, nearly two-thirds below the $801 billion crash-week total, despite doubling from an August low of about $135 billion. The data support Joshua de Vos’s view that market makers have returned to the majors, while altcoin liquidity may continue to lag as institutional interest and volume concentrate in Bitcoin and Ether.
Frequently asked questions
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How much has Bitcoin order-book depth recovered since the crash?
Bitcoin depth within 1% of the price reached about $11.7 million on Oct. 7, roughly 75% above its level on crash day.
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What happened to Ether liquidity after the Oct. 10 event?
Ether depth within 0.5% of the price more than doubled from crash-day levels to about $4.2 million. Its 1% depth reached roughly $5.3 million.
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Why does stronger Bitcoin and Ether depth matter?
The gains were measured in dollar terms while Bitcoin was cheaper than before the crash, indicating that market makers committed more capital to the majors.
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How has altcoin liquidity changed since the start of 2025?
Altcoin depth 5% from the price fell about a third to around $2 million, while depth within 1% declined by about a sixth.
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Has centralized-exchange spot trading fully recovered?
No. Weekly spot volume averaged about $279 billion through Sept. 27, nearly two-thirds below the $801 billion traded during the crash week.
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