According to @CCData_io, the recent sell-off in the cryptocurrency market has led to a significant shift in market liquidity. After a period of capitulation, the orderbook has changed greatly, with many buy-side orders either filled or pulled as prices declined. Liquidity for ETH and BTC hit $1.23 billion on July 29 but has since dropped over 50% to $612.44 million, marking a new low since October 2023.