Crypto crashed six months ago: Have markets improved, or are bears still in charge?

The October 2025 Bitcoin and altcoin crash may have ended the bull market, but its long-term impact on market health may have been overstated.

Key takeaways:

Bitcoin orderbook depth has plummeted by 50% since September 2025, signaling a substantial decline in overall market liquidity.

Indicators suggest that the current market fragility stems more from recent 2026 trends than from the 2025 flash crash itself.

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