BTC order books are getting deeper, while altcoin order books are getting thinner. “When Bitcoin does well, everyone does well”—I’d take that with a grain of salt.
In new research published by CoinDesk on October 10, the total buy and sell orders within 1% of BTC’s price rose from about $6.9 million at the start of 2025 to about $11.7 million on October 7. Over the same range, order-book depth for the altcoin sample was down about one-sixth from the start of 2025.
In plain English: there’s more money quoting buy and sell prices for big coins, but not necessarily for smaller ones. This is about order-book depth, not trading volume or live prices today.
With a thin order book, a large trade can push the price farther. A lower price and an easy sale are two different things.
What I’ll be watching next is whether altcoin order books can recover. Bitcoin’s own rebound isn’t a guarantee for every coin.
#BTC
In new research published by CoinDesk on October 10, the total buy and sell orders within 1% of BTC’s price rose from about $6.9 million at the start of 2025 to about $11.7 million on October 7. Over the same range, order-book depth for the altcoin sample was down about one-sixth from the start of 2025.
In plain English: there’s more money quoting buy and sell prices for big coins, but not necessarily for smaller ones. This is about order-book depth, not trading volume or live prices today.
With a thin order book, a large trade can push the price farther. A lower price and an easy sale are two different things.
What I’ll be watching next is whether altcoin order books can recover. Bitcoin’s own rebound isn’t a guarantee for every coin.
#BTC