Bitcoin and Ether order-book liquidity has recovered a year after the Oct. 10 2025, crypto crash, but smaller tokens remain more exposed to market volatility, according to Research.

MILESTONE | Crypto Markets Record the Largest Single-Day Liquidation Event in History

ProvideBitcoin’s order-book depth within 1% of its market price rose about 75% year-on-year to $11.7 million, while ether’s depth within 0.5% more than doubled to $4.2 million. Meanwhile, weekly spot trading volume on centralized exchanges averaged $279 billion in the four weeks to September 27 2026, down nearly 65% from $801 billion during the crash week.

While Bitcoin is ~1/3 the price it was before the crypto crash, a deeper book…