Kaiko: Liquidity for BTC, ETH, XRP and SOL still impaired six months after Oct. 10 flash crash; XRP liquidity has not recovered to pre-crash levels

first published 2026-04-10T20:42:00Z

Kaiko data shows liquidity across major digital assets — Bitcoin, Ethereum, XRP and Solana — remains structurally impaired six months after the Oct. 10 flash crash that triggered roughly $19 billion in liquidations. Order-book depth contracted sharply (BTC 1% depth fell from about $8M pre-crash to ~$3M at the trough and later stabilized near ~$6M). ETH, XRP and SOL similarly have not returned to pre-crash depth, attributed to wiped-out market makers and leveraged long positions; some observers say thinner books could allow more genuine institutional price discovery.

AI Analysis

Kaiko data in the summary indicates persistent liquidity impairment six months after the Oct. 10 flash crash, which caused about $19B in liquidations and a large contraction in order-book depth (BTC 1% depth from ~$8M to ~$3M then ~ $6M). The summary also cites wiped-out market makers and leveraged longs reducing depth — facts that imply thinner books and higher short-term trading risk, producing a negative sentiment and a moderate-to-high trading impact.

Source Articles

XRP Liquidity Fails To Recover After Massive October Crash - U.Today