Ethereum’s market liquidity has fallen to between 35% and 45% of Bitcoin’s level, a significant decrease from over 60% a year ago, according to a CoinGecko analysis of order-book depth across eight major centralized exchanges. The report, published by Traders Union on September 30, 2026, highlights a divergence where Bitcoin’s liquidity has substantially improved while Ethereum’s has remained relatively flat.
Quantifying the Shift in Market Depth
Ethereum’s median market depth across these exchanges is currently between $13 million and $14 million. In contrast, Bitcoin’s median aggregate depth stands at approximately $29 million on the bid side and $37 million on the ask side. This represents a roughly 50% increase in Bitcoin’s median aggregate depth compared to 2025.
The analysis measured order-book depth at approximately 0.15% from the mid-price. For Bitcoin, this translates to about $100 on either side of the mid-price, while for Ethereum, it equates to approximately $3. Binance was identified as leading in liquidity for both cryptocurrencies among the studied exchanges, with MEXC showing liquidity around $450,000.
Drivers and Implications of the Liquidity Gap
The widening gap is attributed not to a decline in Ethereum’s absolute liquidity, but rather to Bitcoin’s significant gains. This shift in relative liquidity could influence how large trades are structured. Algorithmic traders and institutions that divide orders across different venues may need to account for Ethereum’s shallower order book, particularly during volatile periods when spreads tend to widen.
Interpretations suggest that increased institutional interest in Bitcoin, potentially driven by spot exchange-traded products, could be a factor in the deeper order books observed for Bitcoin. Despite Ethereum’s own spot ETF approvals, it has not attracted the same scale of order-book commitment, according to the analysis. These market dynamics reflect a steady evolution rather than a sudden shift.
The report notes that the gap between Ethereum’s and Bitcoin’s liquidity is now substantial enough to impact trading strategies. While Bitcoin’s liquidity has seen considerable improvement, Ethereum’s has remained largely stagnant in absolute terms, leading to the decreased ratio. The exact figures for Bitcoin’s median market depth in 2025 remain uncertain, as does the precise scale of order-book commitment attracted by Ethereum’s spot ETFs.
Why This Matters
The materials describe a narrow update: Ethereum’s median market depth across eight major centralized exchanges is now between $13 to $14 million, representing 35-45% of Bitcoin’s liquidity. The exact figures for Bitcoin’s median market depth in 2025.
Broader Context
Source materials place the factual news in this context: A CoinGecko analysis of order-book depth across eight major centralized exchanges.
