One year after 10/10, bitcoin and ether liquidity have rebuilt, but other altcoins still face risks
One year after a major market crash triggered by geopolitical tensions, Bitcoin and Ether have significantly improved their market liquidity. Research indicates that order books for these major cryptocurrencies are deeper than they were prior to the 2025 crash, suggesting increased capital commitment from market makers.
Why it matters
Improved market depth indicates greater resilience against volatility, which is a critical indicator for institutional adoption and the overall maturity of the cryptocurrency market.
Days after hitting a record high above $126,000, bitcoin, on the morning of Oct. 10, 2025, had edged back to $122,600. Hours later, it had plunged below $105,000, with much of the decline coming in minutes in thin Friday evening (U.S. time) trade after President Donald Trump announced 100% tariffs on Chinese imports. More than $19 billion in leveraged positions were liquidated in a single day.
To gauge the recovery since, CoinDesk Research compared market depth across major centralized exchanges on four dates: Jan. 1, 2025; Oct. 10, 2025; Jan. 1, 2026; and this week. Depth is the value of buy and sell orders resting near the current price. The deeper the book, the more volume a large trade can absorb without moving the market.
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