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.

Ethereum's standing in the liquidity rankings has taken a meaningful hit. A CoinGecko analysis of order-book depth across eight major centralized exchanges shows Ethereum's median market depth sitting at $13 to $14 million, which puts it at just 35 to 45% of Bitcoin's liquidity. A year ago, Ethereu…

Mon 5 Oct 2026

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

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

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