Drop impact experiments allow to model a wide variety of natural processes, from raindrop impacts to planetary impact craters. In particular, interpreting the consequences of the planetary impacts requires an accurate description of the flow associated with the cratering process. In our experiments, we release a liquid drop above a deep liquid pool to investigate simultaneously the dynamics of the cavity and the velocity field produced around the air-liquid interface. Using particle image velocimetry, we analyse quantitatively the velocity field using a shifted Legendre polynomials decomposition. We show that the velocity field is more complex than considered in previous models, in relation to the non-hemispherical shape of the crater. In particular, the velocity field is dominated by the degrees 0 and 1, with contributions from the degree 2, and is independent of the Froude and the Weber number when these numbers are large enough. We then derive a semi-analytical model based on the Legendre polynomials expansion of an unsteady Bernoulli equation coupled with a kinematic boundary condition at the crater boundary. This model explains the experimental observations and can predict the time evolution of both the velocity field and the shape of the crater, including the initiation of the central jet.