Exactly one year ago, crypto markets lived through their worst liquidation day on record. On Oct 10, 2025, President Trump's announcement of 100% tariffs on Chinese imports sent BTC plunging from around $122,000 to below $105,000 in minutes, wiping out roughly $19 billion of leveraged positions across crypto markets.
One year on, the picture has split in two: BTC and ETH order books now hold deeper dollar-denominated liquidity than on crash day โ even than at the start of 2026 โ thanks to fresh market-maker capital. Altcoins, however, have gone the other way: their liquidity has eroded steadily since early 2025, with weekly spot volume down nearly two-thirds versus crash week.
The takeaway: liquidity is quietly concentrating in the majors โ the top is healing while the tail keeps thinning. Not financial advice.
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On this day exactly one year ago (October 10, 2025), crypto markets experienced the worst liquidation day in history: Trump announced 100% tariffs on Chinese goods, and BTC plunged from around $122,000 to below $105,000 in minutes, triggering nearly $19 billion in liquidations across the market.
One year later, the market has split in two: liquidity in BTC and ETH order books has surpassed levels on liquidation day and even those at the start of 2026, thanks in no small part to fresh market-maker capital. Altcoins have gone the other way: liquidity has steadily contracted since early 2025, with weekly spot trading volume down nearly two-thirds from liquidation week.
The takeaway: liquidity is quietly concentrating in the majors โ the top is recovering while the tail keeps thinning. Not investment advice; for informational purposes only.
$BTC $ETH
#Bitcoin #Ethereum #CryptoMarket #Liquidity
One year on, the picture has split in two: BTC and ETH order books now hold deeper dollar-denominated liquidity than on crash day โ even than at the start of 2026 โ thanks to fresh market-maker capital. Altcoins, however, have gone the other way: their liquidity has eroded steadily since early 2025, with weekly spot volume down nearly two-thirds versus crash week.
The takeaway: liquidity is quietly concentrating in the majors โ the top is healing while the tail keeps thinning. Not financial advice.
---
On this day exactly one year ago (October 10, 2025), crypto markets experienced the worst liquidation day in history: Trump announced 100% tariffs on Chinese goods, and BTC plunged from around $122,000 to below $105,000 in minutes, triggering nearly $19 billion in liquidations across the market.
One year later, the market has split in two: liquidity in BTC and ETH order books has surpassed levels on liquidation day and even those at the start of 2026, thanks in no small part to fresh market-maker capital. Altcoins have gone the other way: liquidity has steadily contracted since early 2025, with weekly spot trading volume down nearly two-thirds from liquidation week.
The takeaway: liquidity is quietly concentrating in the majors โ the top is recovering while the tail keeps thinning. Not investment advice; for informational purposes only.
$BTC $ETH
#Bitcoin #Ethereum #CryptoMarket #Liquidity