According to @PANewsCN, Deribit APAC business head Lin said current crypto market liquidity remains 15%-20% below levels before the October 11 crash, source: PANews on X citing Lin, Nov 2, 2025. The source reports that a volatile US earnings season is attracting capital into equities as US stocks hit new highs, limiting near-term crypto flows, source: PANews on X citing Lin, Nov 2, 2025. The source notes that if US equities stay stable, liquidity could spill over to crypto toward year-end, but near-term upside is hard to drive and volatility is not low, source: PANews on X citing Lin, Nov 2, 2025.