Bitcoin and Ether order-book liquidity has recovered a year after the Oct. 10 2025, crypto crash, but smaller tokens remain more exposed to market volatility, according to Research.

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ProvideBitcoin’s order-book depth within 1% of its market price rose about 75% year-on-year to $11.7 million, while ether’s depth within 0.5% more than doubled to $4.2 million. Meanwhile, weekly spot trading volume on centralized exchanges averaged $279 billion in the four weeks to September 27 2026, down nearly 65% from $801 billion during the crash week.

While Bitcoin is ~1/3 the price it was before the crypto crash, a deeper book reflects more capital committed by market makers. Ether is stronger.

The uneven recovery suggests liquidity has strengthened in the two largest cryptocurrencies while thinner order books and weaker trading activity leave altcoins more vulnerable to sharp price swings.

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