Ethereum
Ethereum Exchange Liquidity Slips Below Half of Bitcoin Depth, CoinGecko Finds
A CoinGecko study reveals that Ethereum's order book depth on centralized exchanges has fallen below half that of Bitcoin as Bitcoin liquidity surged.
Ethereum’s order book depth across centralized exchanges has fallen to between 35% and 45% of Bitcoin’s level, according to data published by CoinGecko. In 2025, that figure stood at 60% or higher. The aggregator evaluated pending buy and sell orders between July 6 and September 3, 2026, across eight major platforms: Binance, Bitget, Bybit, Coinbase, Crypto.com, Kraken, MEXC, and OKX.
The analysis focused on depth near the prevailing market price rather than overall trade volumes. Within a narrow window of 0.15% around the market price—roughly $3 on either side for ether—the aggregate median order depth across the eight platforms was between $13 million and $14 million. Seven of the eight exchanges maintained more than $1 million in depth on each side, with Binance leading the group and MEXC trailing.
By comparison, Bitcoin’s 0.15% window represented approximately $100 on each side of the price, containing $29 million in buy orders and $37 million in sell orders. CoinGecko noted that the shifting ratio was not driven by a decline in ether depth, which remained relatively stable in dollar terms, but by an approximate 50% expansion in Bitcoin order book depth over the past year.
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