[Liquidity of BTC and ETH Restored, Altcoins Still Face Risks] On the first anniversary of the 10-10 crypto market crash, the underlying liquidity of Bitcoin and Ether has been rebuilt, but many Altcoins still face risk challenges. A year has passed since Bitcoin's all-time high of over $126,000 set in 2025, and it has now retraced by 32%, trading steadily above $85,000. Currently, capital is highly concentrated in Bitcoin and Ether, while order books for other Altcoins remain thin in both spot and derivatives markets. If faced with macroeconomic shocks or localized leverage liquidations, these liquidity-deficient tokens are prone to sharp, unilateral price swings.