One year after crypto's largest liquidation event on October 10, the bitcoin market still has not fully recovered, with both leverage and liquidity below their pre-crash marks.

BTC perpetual futures open interest remains roughly 16% below pre-crash levels in BTC terms. Dollar-denominated spot order book depth is down even more, at 27% lower.

Leverage has fallen faster than liquidity: the market now carries 20% less leverage per dollar of depth than before October 10.

Lower leverage relative to depth reduces the risk of another forced-liquidation cascade, but thinner spot books still mean larger price moves on big orders.