Bitcoin · Donald Trump · CoinDesk
One year after 10/10 flash crash, bitcoin and ether liquidity have rebuilt, but altcoins still face risks
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One year after the largest liquidation event in crypto history, the market’s plumbing tells a split story.
Key facts
- Days after hitting a record high above $126,000, bitcoin, on the morning of Oct. 10, 2025, had edged back to $122,600
- On Oct. 7, about $11.7 million sat within 1% of the price
- Depth at 5% from the price is down about a third since the start of 2025, to around $2 million
- Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%
Summary
Bitcoin and ether order books are deeper than on crash day and at the start of 2025 and 2026, and the gains hold in dollar terms, reflecting more capital from market makers, not cheaper coins. Altcoin liquidity has moved the other way, with dollar depth falling steadily since early 2025, a decline masked by falling token prices. Weekly spot trading volume is down nearly two-thirds from the crash week, though it has roughly doubled from an August low. Days after hitting a record high above $126,000, bitcoin, on the morning of Oct. 10, 2025, had edged back to $122,600.