Six months after a severe flash crash on October 10, 2025, which liquidated billions in leveraged positions, the cryptocurrency market's liquidity has significantly deteriorated. Bitcoin's orderbook depth has dropped by 50% since September 2025, now seldom exceeding $130 million, down from previous levels of $180 million to $260 million.
Market fragility appears more linked to recent 2026 trends than the initial 2025 event. In February 2026, Bitcoin's orderbook depth fell below $60 million as prices struggled. Cryptocurrency derivatives volumes have also declined considerably, averaging between $40 billion and $130 billion daily, a sharp decrease from the $200 billion seen in September 2025.
While demand for leverage remains weak, evidenced by stable funding rates, US-listed spot Bitcoin ETF volumes have also softened, dropping below $3.3 billion daily in early April 2026. Ether ETF volumes have similarly halved. The data suggests a less healthy market, though the overall structure held firm through recent challenges.