Bitcoin and ether liquidity has fully rebuilt to pre-crash levels one year after the October 10, 2025 market turmoil, while altcoins continue to face deteriorating conditions. Dollar depth for CoinDesk Research’s altcoin basket has fallen approximately 33% since January 1, 2025, dropping to around $2 million at the 5% price level. Although token-denominated depth appears stable, analysts attribute this to falling prices rather than genuine capital recovery, signaling a steady erosion in committed funds. Spot trading volumes remain significantly below pre-crash benchmarks despite recent improvements. Weekly spot volume on centralized exchanges averaged $279 billion over the four weeks ending September 27, roughly two-thirds lower than the $801 billion recorded during the crash week. While activity has doubled since hitting an August low of $135 billion, it remains well short of previous highs. Market makers have largely returned to major assets, with institutional interest expected to sustain this divergence between top-tier cryptocurrencies and altcoins into next year.