According to CoinDesk Research analysis, one year after the crypto market experienced its largest liquidation event on October 10, 2025, Bitcoin and Ethereum order book depth has surpassed pre-crisis levels, but altcoin liquidity continues to erode, and spot trading volumes remain well below the October 2025 peak. Bitcoin order book depth has reached $11.7 million (within 1% of the price), an increase of approximately 75% from a year ago; Ethereum order book depth (within 0.5% of the price) has doubled to about $4.2 million since the crisis day. CoinDesk researcher Saksham Diwan noted that the increased depth in major cryptocurrencies represents an inflow of real capital, not a price effect. However, altcoin dollar-denominated depth has fallen by about one-third since early 2025, to $2 million (within 5% of the price). Additionally, weekly spot trading volume on CEXs averaged $279 billion in the four weeks ending September 27, significantly lower than the $801 billion during the week of the crisis.