Bitcoin Liquidity Woes: What Changed After the 2025 Crash?
The world of crypto has been shaken by a series of events that have left many traders questioning its health. Six months ago, on October 10, 2025, Bitcoin and several altcoins fell sharply, wiping out billions in leveraged positions. The crash was blamed on technical glitches and possible market‑maker losses, but its long‑term impact is still debated.
Orderbook Depth: A Sharp Decline
- September 2025 – Bitcoin’s orderbook depth hovered between $180 million and $260 million, with about $90 million in bids on most days.
- Mid‑November 2025 – Depth settled near $150 million, rarely exceeding $130 million today.
- February 2026 – Depth fell below $60 million for almost ten days as the price struggled around $65,000.
This represents roughly a 50 % drop from pre‑crash levels.
Derivatives Volumes
- September 2025 – Reached a peak of $200 billion.
- Current (February–April 2026) – Range between $40 billion and $130 billion.
Lower futures trading can signal caution, yet the balance of long and short positions remains even.
Funding Rates
Bitcoin perpetual futures funding rates normally sit between 6 % and 12 %. After the crash, they stayed stable through November but dropped sharply in February, indicating a shift toward bearish sentiment.
ETF Performance
| Period | Bitcoin ETFs | Ether ETFs |
|---|---|---|
| Late November 2025 | $11.5 billion (peak) | — |
| Jan–Mar 2026 | $4 billion+ per day | $2 billion daily |
| Early April 2026 | < $3.3 billion per day | ≈ $1 billion daily |
US‑listed Bitcoin ETFs did not suffer the crash; their volumes even peaked at $11.5 billion by late November.
Market Outlook
All these metrics—orderbook depth, funding rates, derivatives and ETF volumes—suggest a weaker crypto market in April 2026 than half a year earlier. Yet the structure of the market seemed to hold steady through February, implying that the October 2025 crash may not have been as transformative as once feared.
