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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Altcoin liquidity can weaken during a sharp crypto selloff: spreads may widen, fewer orders may be available near the market price, and trades may cause greater price impact. A historical study of ten cryptocurrencies around the September 2018 crash found lower quote depth and higher spread measures after the event, even as average turnover rose. That is evidence about one sample and one crash—not a rule for every token, exchange, or market decline. To judge whether an altcoin is still tradable, look at its spread, order-book depth, completed trading volume, and likely slippage for the order size you actually plan to place.
What liquidity means when an altcoin is selling off
Liquidity is the ability to buy or sell an asset without having to accept a substantially worse price than the one currently quoted. It is not the same as whether the token has a high market capitalization, whether its price is falling, or whether trades are happening. A market can remain active while becoming more costly or difficult to trade in size.
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Four measures help describe different parts of the picture:
- Spread: the gap between the best available buy price, or bid, and the best available sell price, or ask. A wider spread means the best quoted prices are farther apart.
- Depth: the amount of standing buy and sell orders available near the market price. Depth is meaningful only with its price range specified; an order book can look substantial far from the price but thin where an order is likely to execute.
- Volume or turnover: completed trading activity over a period. It shows that trading took place, but not how much liquidity is available now at prices near the current market.
- Slippage: the difference between the price you expect and the average price you actually get as an order executes. It depends on order size, available depth, and market movement while the order is being filled.
These measures should be read together. A narrow spread at the top of an order book does not guarantee that there is enough depth for a large order. High reported volume does not prove that a trade can be completed cheaply at this moment. Conversely, a thin book visible at one instant does not by itself tell you how much trading occurred over the whole day.
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What the September 2018 crash study found
A peer-reviewed study published in 2023 in Annals of Operations Research examined ten cryptocurrencies around the September 2018 crash. It compared the ten days before the event, 26 August–4 September, with the ten days after it, 6–15 September. The post-crash comparisons showed higher spread measures and lower quote depth for the cryptocurrencies in the sample. The study also reported higher spread measures on the day after the crash than before it.
Average turnover rose dramatically after the event, at the same time that the post-event comparisons showed worse spreads and depth. That contrast is important: more completed trading does not necessarily mean a market is easier or cheaper to trade. Turnover describes activity over a period; spread and depth say more about the prices and orders available around the market at a particular time.
The finding is historical and limited to the ten examined cryptocurrencies and the specified event windows. It does not establish that every altcoin loses liquidity in every crash, that all tokens respond equally, or that the same pattern will occur in current markets. The study measures market outcomes; those results alone do not prove why each quote or order-book level changed.
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Why liquidity can deteriorate during a crash
In a fast decline, prices and expectations can change quickly. One plausible mechanism is that traders and liquidity providers reduce or remove resting orders while uncertainty and volatility rise. If fewer orders remain close to the market price, a buyer or seller may have to reach farther into the order book to complete a trade. That can widen the effective cost of trading and increase the price impact of a given order.
This is a mechanism that helps explain how weaker depth can matter, not a proven account of what caused every change measured in the 2018 study. Its observed results were lower quote depth and higher spread measures in the post-event comparisons. The causal behavior of every market participant cannot be inferred from those measurements alone.
Why trade size matters
The best bid and ask represent the top quotes, not necessarily the price available for an entire order. If the quantity available at those quotes is small, a larger market order may consume it and continue executing at progressively less favorable prices. The resulting average execution price can differ materially from the first quote. In a thin or rapidly changing market, even a smaller order can face more price impact than it would in a deeper market.
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For that reason, a liquidity check should be tied to a particular order size and direction. A token may be relatively easy to buy in a small amount but difficult to sell in a larger amount, or vice versa. Conditions can also differ across trading pairs for the same token.
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Liquidity is not a single property that follows a token everywhere it trades. It can vary with the exchange, the trading pair, the quote currency, the time of day, and current market conditions. An exchange-wide volume figure does not tell you how much depth is available for a specific token pair.
In an analysis dated 10 April 2024, the European Securities and Markets Authority (ESMA) compared selected assets on Binance. Bitcoin had the greatest volume and a very low spread in that comparison. Ether had a similarly low spread at around half Bitcoin’s volume, while the other selected assets had lower volumes and larger spreads. ESMA also analyzed selected BTC-USDT, BTC-USDC, and BTC-USD order-book data from May through December 2023. Its chart defined depth as standing buy and sell orders within 2% of the mid-price.
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For its 2023 sample, ESMA reported that larger exchanges generally had greater Bitcoin order-book depth and smaller spreads than the sample median. It concluded: “First, larger depth coincides with smaller spreads, and second, the largest crypto exchanges offer higher liquidity (along the two considered metrics) when compared to the median exchange in our sample.” This is a finding about the selected venues, assets, and data period—not a universal ranking of exchanges or a guarantee about an individual altcoin pair today.
Kaiko’s The Crypto Liquidity Concentration Report describes altcoin market depth on U.S.-available exchanges as concentrated on three platforms. The report’s publication date is not established here, so treat that as a report-specific market snapshot rather than a current, timeless ranking. Neither this finding nor ESMA’s selected comparisons shows that a particular exchange will have the best liquidity for every altcoin.
How to check whether an altcoin is tradable in falling markets
Use observations for the same token, exchange, trading pair, and approximate timestamp. If you compare one token’s BTC pair with its dollar-denominated pair, or compare different exchanges at different times, the results may reflect those differences rather than a change in liquidity alone.
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- Identify the exact pair and venue. Confirm the token and quote currency—for example, do not treat different quote-currency pairs as interchangeable. Record the exchange and the time of the observation.
- Inspect the spread. Compare the best bid and ask. A spread that has widened as prices fall signals a greater cost implied by the top quotes, although it does not reveal whether those quotes have enough size for your order.
- Check depth near the mid-price. Look at the quantity of standing bids and asks within a stated price band, if the data source provides one. ESMA’s cited analysis used a 2% band around the mid-price for its depth chart; that is one defined measure, not the only possible band.
- Match depth to your likely order size. Consider how much of the visible order book your trade would consume on the side you intend to use. A book that appears deep in total may still offer little quantity near the current price.
- Use volume as context, not a verdict. Check the period covered and the exact pair. Rising turnover can coexist with worse spreads and lower depth, as it did in the 2018 study’s post-event comparison.
- Estimate slippage for the trade you have in mind. Where an exchange or data service provides an order-book or execution estimate, use your intended order size and direction. A generic volume number or displayed top quote is not a substitute for an order-size-specific estimate.
- Recheck if the market moves. Spreads, depth, and expected execution can change quickly during a selloff. A snapshot is evidence about the moment it was taken, not a promise about the price available later.
If you are comparing alternatives, compare the same token across venues and quote currencies using the same measures: spread, depth within a stated price band, volume, and slippage for a stated order size. Note the exchange and timestamp so the comparison has context. Avoid turning a single exchange’s aggregate volume, a single order-book snapshot, or a report’s venue concentration into a broad claim about current market-wide liquidity.
What the available evidence does—and does not—show
| Evidence | What it supports | Scope and limitation |
|---|---|---|
| September 2018 crash study, published 2023 | For ten examined cryptocurrencies, post-event comparisons showed higher spread measures and lower quote depth; average turnover increased after the event. | Compares 26 August–4 September with 6–15 September 2018. It does not establish a universal response across all altcoins or crashes. |
| ESMA analysis, 10 April 2024 | Selected asset and venue comparisons show differences in volume, spreads, and Bitcoin order-book depth. Its depth chart uses orders within 2% of the mid-price. | Includes selected assets and exchanges; the cited BTC pair data cover May–December 2023. It is not a current ranking of every venue or altcoin. |
| Kaiko, The Crypto Liquidity Concentration Report | Describes altcoin depth on U.S.-available exchanges as concentrated on three platforms. | The publication date is not established, and the finding should be treated as that report’s snapshot rather than a timeless ranking. |
| Brauneis, Mestel, Riordan, and Theissen, December 2022 | A BTC/USD study using order-book data from three large exchanges related liquidity to same-exchange past liquidity, crypto-wide liquidity and volatility, and blockchain transfer fees. It reported no explanatory relationship with broader financial-market liquidity in its analysis. | This is Bitcoin evidence, not a direct test of altcoin liquidity during crashes. |
The evidence is strongest for the narrow conclusion that liquidity quality worsened in a particular historical crash sample, while selected market comparisons show that liquidity differs across assets and venues. It does not justify assuming that a given token will behave like Bitcoin, that larger exchanges always have the best liquidity for every pair, or that every altcoin will lose liquidity faster than a major asset.
What this means for a personal trading decision
During a crash, the quoted price alone may not show the cost of entering or leaving a position. A useful decision check is whether the specific pair has a spread and nearby depth that fit the size of the transaction you are considering. If the available information does not show enough depth or does not permit a meaningful slippage estimate, the trade’s execution cost is uncertain; a high volume figure by itself does not remove that uncertainty.
Liquidity measures describe market conditions, not whether an asset is suitable for a particular person or whether its price will recover. The cited studies also cannot forecast how a specific token or exchange will behave in a future crash. Treat observed spread, depth, volume, and slippage as time-sensitive inputs to a decision, and do not assume that a market order will execute at the last displayed price.
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