Bitcoin (BTC) and ether (ETH) liquidity rebounds a year after $19 billion crypto flash crash
Summary
One year after a record $19 billion liquidation event, order-book liquidity has recovered for bitcoin and ether but not for altcoins. Bitcoin’s depth within 1% of its price is about 75% higher than on crash day, while ether’s depth within 0.5% has more than doubled. The gains reflect more capital committed by market makers despite lower prices. Altcoin dollar depth has fallen since early 2025, and centralized-exchange spot volume remains far below crash-week levels, though it has rebounded from an August low. Recent selling briefly reduced bitcoin’s depth, while ether’s liquidity held up better. The data point to market makers and institutional interest concentrating in the two largest assets.
