It’s been exactly a year since the 10/10 flash crash.
I just came across CoinDesk Research’s liquidity report
and it got me thinking.
$BTC 1% depth is now around $11.7 million,
75% higher than on the day of the crash
and even higher than at the start of the year.
$ETH is even more striking:
0.5% depth has doubled to around $4.2 million.
Market makers really are back,
and they’ve put real money in—not just inflated depth from rising prices.
But altcoins are in a completely different world 😅
5% depth is down by a third compared with early 2025,
leaving only around $2 million.
Weekly spot trading volume is about $279 billion;
it was $801 billion during the week of the crash.
It hasn’t even recovered half of that.
Put simply,
the money hasn’t left—it’s just all crowded into the top two.
Institutions only care about liquidity in the major coins right now.
Altcoin order books are thin,
so one big sell order causes slippage,
and volatility can only get more extreme.
CPI is due out this week,
APT and ARB have unlocks,
and STRK has another unlock of around 127 million tokens on October 15.
The big guys can take it,
but the little ones really need to watch their liquidity.
Are you still comfortable going heavy on altcoins,
or have you also switched to the majors?
#流动性 #MarketStructure
Not investment advice. DYOR. Trading involves risk.
I just came across CoinDesk Research’s liquidity report
and it got me thinking.
$BTC 1% depth is now around $11.7 million,
75% higher than on the day of the crash
and even higher than at the start of the year.
$ETH is even more striking:
0.5% depth has doubled to around $4.2 million.
Market makers really are back,
and they’ve put real money in—not just inflated depth from rising prices.
But altcoins are in a completely different world 😅
5% depth is down by a third compared with early 2025,
leaving only around $2 million.
Weekly spot trading volume is about $279 billion;
it was $801 billion during the week of the crash.
It hasn’t even recovered half of that.
Put simply,
the money hasn’t left—it’s just all crowded into the top two.
Institutions only care about liquidity in the major coins right now.
Altcoin order books are thin,
so one big sell order causes slippage,
and volatility can only get more extreme.
CPI is due out this week,
APT and ARB have unlocks,
and STRK has another unlock of around 127 million tokens on October 15.
The big guys can take it,
but the little ones really need to watch their liquidity.
Are you still comfortable going heavy on altcoins,
or have you also switched to the majors?
#流动性 #MarketStructure
Not investment advice. DYOR. Trading involves risk.