Ethereum's Liquidity Drops Below 50% of Bitcoin's Level

Ethereum's liquidity has fallen below 50% of Bitcoin's level, according to a recent analysis by CoinGecko. This represents a significant drop from a year ago, when Ethereum held above 60% of Bitcoin's liquidity. The median market depth for Ethereum sits at $13 to $14 million, while Bitcoin's median aggregate depth has reached $29 million on the bid side and $37 million on the ask side.

This disparity in liquidity is not just a result of Ethereum's decline, but also Bitcoin's substantial increase. The contrast is stark, with Bitcoin's liquidity growing by 50% compared to last year, while Ethereum's has remained relatively flat. This shift in market dynamics is influencing how large trades are structured, with algorithmic traders and institutions needing to account for Ethereum's shallower book, particularly during periods of high volatility.

The increased institutional interest in Bitcoin, partly driven by spot exchange-traded products, is a plausible driver of the deeper order books on the Bitcoin side. In contrast, Ethereum has not attracted the same level of order-book commitment, despite its own spot ETF approvals.

The data, which reflects a market structure that has been shifting steadily over time, is based on a Traders Union report published on September 30, 2026. The analysis highlights the need for market participants to adapt to changing liquidity levels, particularly when it comes to Ethereum.