Bitcoin order-book depth stood in the $180 million to $260 million range in September 2025, but on October 10 a liquidity gap emerged as Binance faced a technical issue and automated deleveraging occurred on decentralized venues. Depth then trended lower and by mid‑November 2025 hovered near $150 million. Today, prints above $130 million are infrequent. Derivative markets also cooled.
Over the last 30 days, crypto derivatives turnover ranged from $40 billion to $130 billion, not reaching the $200 billion level seen in September 2025. Bitcoin perpetual funding rates showed a similar pattern. Stability persisted through November 2025, but by February 2026 they had fallen sharply. In the U.S. spot Bitcoin ETF, average daily value ran above $4 billion in January–March 2026 but fell to below $3.3 billion in the first week of April.
The Ether spot ETF daily value slipped from about $20 billion in September 2025 to $10 billion. Taken together, order-book depth, funding rates, derivatives turnover, and ETF volumes indicate the market in April 2026 was less robust than six months earlier. Still, the market structure remained fairly intact through February 2026, with weakness becoming more evident afterward. Some outlets suggested the long-term impact of the October 2025 crash may have been overstated, though current fragility appears more linked to flows seen in 2026 than to the initial crash itself.
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