Crypto market liquidity has recovered unevenly one year after a record liquidation event. Bitcoin and ether now have more buy and sell orders near their prices than they did during the crash or at the start of 2026, while smaller tokens and spot-market activity remain weaker.
On Oct. 10, 2025, bitcoin fell from about $122,600 to below $105,000 after President Donald Trump announced 100% tariffs on Chinese imports. Much of the decline came within minutes during thin Friday evening trading in the United States, and more than $19 billion in leveraged positions were liquidated that day.
Greater market depth allows larger trades to be absorbed with less price movement.
Joshua de Vos of CoinDesk Research said market makers have returned to major tokens while altcoin liquidity continues to decline overall, indicating that the recovery has concentrated in bitcoin and ether rather than spreading across the broader market.