Crypto feels quiet but behind the scenes, it's still just hollow. After the wipeout, you’d expect $BTC & $ETH liquidity to be going up but it hasn’t. Order book depth is still way below early-Oct levels and that’s a big red flag. $BTC depth at just 1% from mid-price dropped from ~$20M → ~$14M. The same thing on $ETH and neither has recovered. What does this mean? + Markets are thinner and more fragile + Routine trades can cause oversized moves + Big traders and delta-neutral firms have to reduce size + Options players (straddles especially) are licking their lips Even assets like SOL, XRP, ATOM and ENS are still sitting at lower liquidity levels than before. And that’s why price swings still feel heavier than usual. Calm charts don’t always mean healthy markets, sometimes it’s just empty orderbooks.