Key takeaways:

• Bitcoin orderbook depth has plummeted by 50% since September 2025, signaling a substantial decline in overall market liquidity.

• Indicators suggest that the current market fragility stems more from recent 2026 trends than from the 2025 flash crash itself.

Bitcoin (BTC) and crypto markets took a massive hit on Oct. 10, 2025, precisely 6 months ago. That devastating flash crash wiped out a record-breaking $19 billion in leveraged positions while some altcoins collapsed 40% to 80%. Many traders speculated that multiple market makers had been wiped out, while others accused the Binance exchange of blatant manipulation.

Was the crypto market structure actually altered after the October 2025 crash, and what has changed in liquidity,…