Ethereum's Liquidity Craters to Under Half of Bitcoin's — And the Gap Keeps Widening

Ethereum's grip on the liquidity race is slipping — and fast. According to a fresh CoinGecko analysis of order-book depth across eight major centralized exchanges, Ethereum's median market depth now sits at just $13 to $14 million, a mere 35 to 45% of Bitcoin's liquidity. Just a year ago, Ethereum was holding above the 60% mark.

Bitcoin's Order Books Are Deeper Than Ever

Bitcoin's median aggregate depth has surged to $29 million on the bid side and $37 million on the ask side — roughly 50% higher than the figures recorded in 2025. For context, order-book depth in this analysis is measured at approximately 0.15% from the mid-price, translating to about $100 on either side for Bitcoin and just $3 for Ethereum.

Binance Leads, MEXC Trails

Across the exchanges studied, Binance leads liquidity for both assets. At the other end of the spectrum, MEXC's liquidity sits at approximately $450,000, making it a clear outlier in the dataset.

It's Not That Ethereum Got Worse — Bitcoin Got Better

The contrast isn't simply that Ethereum deteriorated. Bitcoin's liquidity improved substantially while Ethereum's remained roughly flat in absolute terms — a combination that mechanically pushes the ratio down.

One plausible driver: increased institutional interest in Bitcoin, partly channeled through spot exchange-traded products. Ethereum, despite securing its own spot ETF approvals, has not attracted the same scale of order-book commitment.

What This Means for Large Traders

The gap is now wide enough to influence how large trades get structured. Algorithmic traders and institutions that slice orders across venues will need to account for Ethereum's shallower book — particularly during periods of elevated volatility, when spreads tend to widen even further.

The data, published by Traders Union on September 30, 2026, reflects a market structure that has been shifting steadily rather than breaking in a single moment.