As of March 29, 2026, Bitcoin’s liquidity is navigating a period of significant contraction and "bearish deterioration" following a sharp downturn from its 2025 highs.

​Here is a breakdown of the current liquidity landscape:

​ Market Depth & Order Books

​Liquidity has thinned considerably compared to the heights of late 2025.

​±2% Market Depth: Total liquidity within 2% of the mid-price is hovering around $1.37 billion across major exchanges.

​The "Squeeze": Order books are showing a slight imbalance, with asks (+2%) at roughly $737M outstripping bids (-2%) at $630M. This suggests more immediate sell-side pressure than buy-side support at current levels.