TL;DR
Get hardware and tech essentials delivered free with Prime
- Fast, free delivery on millions of items
- Prime Video, Amazon Music and more included
- Member-only deals all year
A year after the Oct. 10, 2025, crypto flash crash, bitcoin and ether order books have more dollar liquidity near market prices than on crash day, according to CoinDesk Research. Altcoin order-book depth has declined since early 2025, and weekly spot volume remains nearly two-thirds below the crash-week level.
Bitcoin and ether order books have rebuilt more dollar liquidity near market prices than they held on the day of the Oct. 10, 2025, crypto flash crash, but altcoin depth and spot trading remain weaker, according to a one-year comparison by CoinDesk Research. The divergence suggests market-maker capital has returned more strongly to the two largest cryptocurrencies than to smaller tokens, while trading activity overall has yet to regain its crash-week level.
CoinDesk Research compared order-book depth on major centralized exchanges across four reference dates: Jan. 1, 2025; Oct. 10, 2025; Jan. 1, 2026; and the week of Oct. 7, 2026. Depth measures the value of buy and sell orders resting near the current price; deeper books can absorb larger trades with less immediate price impact, though they do not prevent sharp moves or guarantee that orders will remain in place.
Bitcoin had about $11.7 million of depth within 1% of its price on Oct. 7, roughly 75% above the crash-day reading of about $6.7 million, and higher than roughly $9 million at the start of 2026 and $6.9 million at the start of 2025. Ether’s depth within 1% rose about three-quarters from crash day, to roughly $5.3 million; within 0.5%, it more than doubled to about $4.2 million. CoinDesk Research said the gains in dollar terms point to more committed market-maker capital, rather than simply reflecting changes in token prices.
The same improvement did not appear across CoinDesk Research’s altcoin basket. Dollar depth 5% from the price was down about one-third from early 2025, to around $2 million, while depth within 1% fell about one-sixth. The report said altcoin depth measured in token units appeared healthier, but that view was largely explained by falling token prices rather than a recovery in dollar capital. Weekly centralized-exchange spot volume averaged about $279 billion over the four weeks to Sept. 27, down nearly two-thirds from $801 billion in the crash week, although it had roughly doubled from an August low of about $135 billion.
Liquidity Recovery Favors Major Tokens
The split matters because order-book liquidity affects how trades are absorbed. A thin book can make a large order move prices more sharply, particularly during a rapid sell-off. The reported rebuilding in bitcoin and ether suggests trading conditions near their market prices have improved compared with the crash day, but it does not establish that the broader market is equally resilient.
For investors and market participants, the figures point to a concentration of available liquidity in bitcoin and ether rather than altcoins as a group. CoinDesk Research lead Joshua de Vos said market makers had returned to the major tokens while altcoin liquidity continued to trend down. That is his assessment of the data, not a guarantee about future trading conditions. Depth can change quickly, and displayed orders may be withdrawn as markets move.
The volume figures add a separate measure of caution. Spot trading has rebounded from its August trough, but the four-week average reported by CoinDesk Research remains far below the crash-week figure. Deeper books in the largest assets do not mean trading activity has fully recovered, nor do they show that every exchange or token has the same level of liquidity.
As an affiliate, we earn on qualifying purchases.
From Crash to Uneven Rebuilding
The comparison looks back to Oct. 10, 2025, when bitcoin had retreated to about $122,600 after reaching a record above $126,000 days earlier. It then fell below $105,000, with much of the move taking place within minutes during thin Friday evening U.S. trading, according to the report. The sell-off followed President Donald Trump’s announcement of 100% tariffs on Chinese imports.
CoinDesk reported that more than $19 billion in leveraged positions were liquidated in one day. The event prompted questions about whether liquidity would return and where market-making capital would concentrate. CoinDesk Research’s current comparison finds a stronger recovery in the two largest cryptocurrencies than in its altcoin basket, but its four observation dates provide a snapshot rather than a continuous account of every market move during the year.
The report also notes that the rebuilt books faced a fresh test during a market sell-off that week. Between Oct. 7 and Oct. 8, bitcoin’s depth within 1% fell about 12%. Ether’s tightest measured band thinned slightly, while orders farther from its price increased. Those short-term changes show that liquidity measures can shift even after a year of overall gains.
“The majors’ deepening is real capital, not a price effect.”
— Saksham Diwan, CoinDesk researcher
As an affiliate, we earn on qualifying purchases.
Limits of the Liquidity Snapshot
The figures do not establish how liquidity will behave in a future crash, or whether the measured order books would remain available under heavy selling. Order-book depth is a snapshot of resting orders, and the report does not show whether those orders would persist as prices moved. Its comparison also covers selected dates and a CoinDesk Research altcoin basket, not every exchange, token, or trading venue.
It is also unclear from the report how long the recent drop in bitcoin depth lasted after Oct. 7, or whether the rise in ether orders farther from the price offset the thinning near the market. The weekly spot-volume figures describe centralized exchanges and do not, by themselves, account for activity across all venues. The data show uneven recovery, but do not identify every cause of the difference between majors and altcoins.
cryptocurrency liquidity analysis tool
As an affiliate, we earn on qualifying purchases.
As an affiliate, we earn on qualifying purchases.
Watch Depth and Trading Volume
The next indicators to watch are whether bitcoin and ether depth holds through further market stress, whether altcoin dollar depth stabilizes, and whether centralized-exchange spot volume continues to recover from its August low. CoinDesk Research lead Joshua de Vos said he expects the divergence to persist into next year, apart from a select group of altcoins; that is his outlook, not a confirmed outcome.
Further comparisons over time would help show whether the Oct. 7 readings represent a durable rebuilding or a temporary level. For now, the report’s clearest finding is that liquidity recovery remains concentrated in bitcoin and ether, while altcoins and spot trading have not returned to their earlier levels.
crypto market maker trading platform
As an affiliate, we earn on qualifying purchases.
As an affiliate, we earn on qualifying purchases.
Key Questions
What did CoinDesk Research find one year after the crash?
It found that bitcoin and ether have greater dollar depth near market prices than on Oct. 10, 2025, while dollar depth in its altcoin basket has declined since early 2025. Weekly centralized-exchange spot volume also remains below the crash-week level.
How is order-book depth measured in this report?
The report measures the value of buy and sell orders resting within set distances of the current price, such as 1% or 5%. It is a snapshot of available orders, not a guarantee that those orders will remain in place or that prices cannot move sharply.
Has spot trading volume returned to the crash-week level?
No. CoinDesk Research put the average weekly spot volume over the four weeks to Sept. 27 at about $279 billion, nearly two-thirds below the $801 billion traded in the week of the crash. Volume had roughly doubled from its August low of about $135 billion.
Why can altcoin liquidity look better in token units?
The report says altcoin depth measured in tokens can appear healthier as token prices fall, even when the dollar value of orders is declining. CoinDesk Research attributed much of the apparent token-unit recovery to lower prices rather than more committed capital.
Does the data show how markets will behave in another crash?
No. The comparison covers selected dates and measured order-book depth and spot volume. It does not establish how orders would hold up during future stress, and liquidity can change quickly as market conditions shift.
Source: rss
Columbus Day / Indigenous Peoples' Day Picks
long weekend sales
As an affiliate, we earn on qualifying purchases.
