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.

According to @glassnode, Bitcoin's URPD shows a filling liquidity gap when comparing February 23 to today. Although URPD lacks behavioral context, Coin Days Destroyed (CBD) provides insights into investor behavior, revealing which investors lowered their cost basis, capitulated, and where new demand has emerged.