Orderbook depth for Bitcoin within ±1% fell roughly 50% since Sept 2025 (from $180–$260M to rarely above $130M), with a February 2026 dip below $60M. The Oct. 10, 2025 flash crash wiped out $19B of leveraged positions, but recent weakness is driven more by early‑2026 events. Derivatives 30‑day volumes dropped from ~ $200B peaks in Sept 2025 to $40–$130B recently; perpetual funding rates fell sharply in Feb 2026, indicating lower bullish leverage demand. US‑listed spot BTC and ETH ETF volumes rose after the crash then cooled (BTC ETFs < $3.3B daily by Apr 2026; ETH ETFs ~ $1B). These metrics point to a materially less healthy crypto market in Apr 2026 versus six months earlier.

Orderbook depth (±1%) has fallen ~50% since Sept 2025 and dropped below $60M in Feb 2026; Oct. 10, 2025 flash crash removed $19B in leveraged positions; derivatives 30‑day volumes declined from ~ $200B to $40–$130B; perpetual funding rates fell sharply in Feb 2026; BTC and ETH ETF volumes initially rose then cooled (BTC < $3.3B/day by Apr 2026; ETH ≈ $1B). These concrete liquidity and derivatives metrics justify negative sentiment and meaningful short‑term trading impact.