Bitcoin and ether order books are deeper than before the crash, while altcoin liquidity keeps eroding and spot trading remains well below its October 2025 peak. 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 just cheaper coins. Altcoin liquidity has moved the other way, with dollar depth falling steadily since early 2025, a decline masked by falling token prices. We…
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