One year after the largest liquidation event in crypto history, the market’s plumbing tells a split story. Bitcoin and ether order books hold more resting liquidity now than on the day of the crash or at the start of this year. Smaller tokens and spot trading, however, have not followed.
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.
Bitcoin’s order book is deeper now than on any of those earlier dates. On Oct. 7, about $11.7 million sat within 1% of the price. That is roughly 75% more than on crash day a year earlier, up from about $9 million at the start of this year and about $6.9 million at the start of 2025.
This isn’t a price effect. Bitcoin is about one-third cheaper than before the crash, so a deeper book, measured in dollars, reflects more capital committed by market makers, not just less valuable coins.
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