By Isaac • October 10, 2026 11:11 am •
One year after crypto’s brutal 10/10 flash crash, the market has rebuilt—but not evenly.
Bitcoin and Ether now have deeper order books than they did before the October 2025 wipeout. Smaller tokens are telling a very different story.
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Their liquidity has continued to thin, leaving traders with more slippage and less protection when the next wave of forced selling arrives.
That split matters because liquidity is the market’s shock absorber. A deep order book can take a large buy or sell without moving the price too far.
A thin one can turn an ordinary exit into a waterfall.
CoinDesk Research compared centralized-exchange market depth on four dates: the start of 2025, the October 10 crash, the
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