Ethereum Liquidity Falls to Less Than Half of Bitcoin's Level

Ethereum's liquidity has dropped significantly compared to Bitcoin's, according to a recent CoinGecko analysis. The study examined order-book depth across eight major centralized exchanges and found that Ethereum's median market depth currently sits at $13 to $14 million, which is only 35 to 45% of Bitcoin's liquidity. This is a stark decline from a year ago when Ethereum maintained above 60% of Bitcoin's liquidity level.

Bitcoin's median aggregate depth has grown to $29 million on the bid side and $37 million on the ask side, roughly 50% higher than the figures recorded in 2025. The analysis measured order-book depth at approximately 0.15% from the mid-price, which translates to about $100 on either side for Bitcoin and $3 for Ethereum. Binance leads liquidity for both assets, while MEXC's liquidity is an outlier at approximately $450,000.

The decline in Ethereum's liquidity relative to Bitcoin is not just due to Ethereum's performance but also because Bitcoin's liquidity has improved while Ethereum's has remained flat. This shift has been driven by increased institutional interest in Bitcoin, partly through spot exchange-traded products. Despite Ethereum's own spot ETF approvals, it has not attracted the same level of order-book commitment.

The widening gap between Ethereum's and Bitcoin's liquidity is significant enough to influence how large trades are structured. Algorithmic traders and institutions that slice orders across venues will need to account for Ethereum's shallower order books, especially during periods of elevated volatility when spreads tend to widen further. This data was published in a Traders Union report on September 30, 2026, reflecting a steady shift in market structure rather than a sudden break.