Ethereum liquidity falls to less than half of Bitcoin’s level

Ethereum’s liquidity has fallen to just 35 to 45% of Bitcoin’s level, according to a CoinGecko analysis of order-book depth across eight major centralized exchanges. The median market depth for Ethereum now sits at $13 to $14 million, a significant decline from a year ago when it held above 60% of Bitcoin’s liquidity.

Bitcoin’s order-book depth has strengthened considerably, with a median aggregate depth of $29 million on the bid side and $37 million on the ask side. This represents a roughly 50% increase compared to figures recorded in 2025. The analysis measures order-book depth at approximately 0.15% from the mid-price, translating to about $100 on either side for Bitcoin and $3 for Ethereum.

The widening gap is not solely due to Ethereum’s decline but also Bitcoin’s substantial improvement. While Bitcoin’s liquidity has surged, Ethereum’s has remained relatively flat in absolute terms, pushing the ratio down. Institutional interest in Bitcoin, driven partly by spot exchange-traded products, has contributed to deeper order books, whereas Ethereum has not seen the same level of commitment despite its own spot ETF approvals.

Traders and investors should take note of the widening liquidity gap, as it may influence how large trades are structured. Algorithmic traders and institutions slicing orders across venues will need to account for Ethereum’s shallower book, especially during periods of elevated volatility when spreads tend to widen further. The dynamics captured in the Traders Union report, published on September 30, 2026, reflect a market structure that has been shifting steadily over time.