🚨 One full year since last year’s 10/11, the biggest liquidation day in history
On this day one year ago, just days after Bitcoin hit a new all-time high of $126,000, it plunged below $105,000 within hours. More than $19 billion in leveraged positions were liquidated in a single day, making it the largest forced liquidation event in crypto history.
A year later, the latest research from CoinDesk Research has an answer: liquidity in major cryptocurrencies has bounced back.
$BTC order-book depth (the value of orders within 1% of the price) is about 75% higher than on the day of the crash, and deeper than at the start of this year. Ethereum’s recovery has been even stronger: depth within the tightest 0.5% spread has doubled.
But there’s another side to the story: altcoins. Their USD-denominated order-book depth has continued to hit new lows since the start of 2025, with depth within 5% of the price down by about a third. Market makers are voting with their feet—their real money has flowed back only into $BTC and ETH.
⚠️ Don’t celebrate too soon: over the past four weeks, average weekly spot trading volume on centralized exchanges was about $279 billion, nearly two-thirds lower than during the week of the crash. Some depth has returned, but volume hasn’t caught up yet.
And the market is already testing liquidity this week: after Bitcoin bounced from around $80,500, $1.19 billion in positions were liquidated across the market in 24 hours; two days earlier, another wave of liquidations totaled nearly $700 million. Bitcoin’s 1% depth thinned by about 12% in just two days, from October 7 to 8.
Market snapshot (24h): BTC is around $82,745 (+0.2%), ETH around $2,499 (+0.3%), BNB around $745 (-0.1%), and SOL around $109 (-0.7%). The yearly open at $87,570 remains a key resistance level overhead; a break below $82,500 would raise the risk of a return to the $60,000–$80,000 range.
In an era of structural divergence, market makers only believe in major coins. Are you still planning to hold the altcoins in your portfolio until the next rotation?
#比特币 #加密市场 #LiquidationAnniversary
⚠️ Just my personal opinion. DYOR and be mindful of the risks.
On this day one year ago, just days after Bitcoin hit a new all-time high of $126,000, it plunged below $105,000 within hours. More than $19 billion in leveraged positions were liquidated in a single day, making it the largest forced liquidation event in crypto history.
A year later, the latest research from CoinDesk Research has an answer: liquidity in major cryptocurrencies has bounced back.
$BTC order-book depth (the value of orders within 1% of the price) is about 75% higher than on the day of the crash, and deeper than at the start of this year. Ethereum’s recovery has been even stronger: depth within the tightest 0.5% spread has doubled.
But there’s another side to the story: altcoins. Their USD-denominated order-book depth has continued to hit new lows since the start of 2025, with depth within 5% of the price down by about a third. Market makers are voting with their feet—their real money has flowed back only into $BTC and ETH.
⚠️ Don’t celebrate too soon: over the past four weeks, average weekly spot trading volume on centralized exchanges was about $279 billion, nearly two-thirds lower than during the week of the crash. Some depth has returned, but volume hasn’t caught up yet.
And the market is already testing liquidity this week: after Bitcoin bounced from around $80,500, $1.19 billion in positions were liquidated across the market in 24 hours; two days earlier, another wave of liquidations totaled nearly $700 million. Bitcoin’s 1% depth thinned by about 12% in just two days, from October 7 to 8.
Market snapshot (24h): BTC is around $82,745 (+0.2%), ETH around $2,499 (+0.3%), BNB around $745 (-0.1%), and SOL around $109 (-0.7%). The yearly open at $87,570 remains a key resistance level overhead; a break below $82,500 would raise the risk of a return to the $60,000–$80,000 range.
In an era of structural divergence, market makers only believe in major coins. Are you still planning to hold the altcoins in your portfolio until the next rotation?
#比特币 #加密市场 #LiquidationAnniversary
⚠️ Just my personal opinion. DYOR and be mindful of the risks.