Kaiko: Bitcoin liquidity still not recovered a year after $19B liquidation
- —About $19 billion in leveraged positions were liquidated in 24 hours on Oct. 10, 2025, most within 40 minutes
- —BTC perpetual open interest on five exchanges fell 41.7%, from $37.6 billion to $21.9 billion
- —Binance's share of open interest rose from 38% to 51%; Bitget's OI dropped 57%
- —Dollar liquidity in the 1% order book across 11 exchanges shrank 27%, from $513 million to $374 million
Why it matters: Positions are concentrating on Binance, so a fresh deleveraging would hit a single order book and thin liquidity would amplify price moves.
Source: TokenPost