Bitcoin and Ether Liquidity Rebuilds a Year After October 2025 Liquidation Event

Bitcoin and ether liquidity on major centralized exchanges has recovered from the levels recorded during the October 10, 2025 crypto liquidation event, according to CoinDesk Research. The event liquidated more than $19 billion in leveraged crypto positions and has been described by multiple research sources as the largest crypto liquidation event on record.

The recovery is not uniform across the market. CoinDesk Research reported stronger order-book depth for bitcoin and ether, but declining dollar liquidity for altcoins since the start of 2025.

Centralized-exchange spot volumes also remain far below the level seen during the crash week. That gap indicates that improved depth in the two largest assets has not been matched by a broad return in trading activity across the market.

Bitcoin order-book depth rises above crash-day level

CoinDesk Research measured bitcoin order-book depth within 1% of the market price at about $11.7 million on October 7, 2026. That was approximately 75% higher than the reading on the October 10, 2025 crash day.

The reported bitcoin figure was also above the readings recorded in January 2025 and January 2026. Order-book depth measures the amount of available buy and sell interest near the current price, making it a useful indicator of how readily an asset can be traded without substantial price movement.

Ether shows a larger liquidity recovery

Ether’s recovery was stronger on the measures cited by CoinDesk Research. Liquidity within 0.5% of ether’s price more than doubled from crash-day levels to approximately $4.2 million.

Depth within 1% of ether’s price rose to roughly $5.3 million. The data suggest that near-price liquidity for ether had improved materially a year after the liquidation event, though the figures describe conditions on centralized exchange order books rather than the entire crypto market.

Altcoin depth and spot volumes remain weaker

The same analysis found that altcoin dollar depth has declined since January 1, 2025. Depth measured 5% from the market price was down by about one-third, while depth at 1% was lower by approximately one-sixth.

Weekly spot volume on centralized exchanges averaged about $279 billion in the four weeks through September 27, 2026. That was nearly two-thirds below the roughly $801 billion traded during the October 2025 crash week.

Taken together, the findings point to a market in which bitcoin and ether have rebuilt near-price liquidity while smaller assets remain more exposed to thinner dollar depth. Lower spot activity may also limit the breadth of that recovery.

Continue reading: SEC Approves Cboe Listing Framework for 3x Bitcoin and Ether ETFs on BTCNews.

Continue reading: Thailand Sets October 16 Start Date for Bitcoin and Ether ETF Rules on BTCNews.

Sources

• CoinDesk: One year after 10/10 flash crash, bitcoin and ether liquidity have rebuilt, but altcoins still face risks
• Galaxy Research: One Year After 10/10: The $19B Liquidation Event That Didn't Break Crypto

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