Ethereum's Price Rally Leaves Order Book Depth Lagging Behind Bitcoin

Ethereum's recent 70% price rally has left it trailing behind Bitcoin in terms of exchange order book depth, according to a report by CoinGecko. While Ethereum's price surge was more significant than Bitcoin's 42% gain, its order books were only 35-45% as deep as Bitcoin's. This is a stark drop from last year, when Ethereum's order books were at least 60% as deep as Bitcoin's.

The data, which covers 60 days through September 3, shows that Bitcoin's order book depth grew by almost 50% since 2025, while Solana's shrank and XRP's held steady. Ethereum's median depth near the market price was around $13-14 million, which is roughly 35-45% of Bitcoin's $29-37 million. This is a significant decrease from last year, when Ethereum's order books were more robust.

CoinGecko analysts noted that Ethereum remains fairly liquid near the market price, with seven of the eight exchanges holding more than $1 million on each side. However, they called the drop from last year 'a stark drop.' They added that even the least liquid venues kept at least $500,000 in orders on the thinnest days, which is considered healthy for retail traders but possibly less attractive to institutions.

The report comes as Ethereum's price has been on a tear, rising from $1,570 in July to $2,391. The token has since traded around $2,700, with Ethereum's Glamsterdam upgrade due on the Sepolia test network on October 6.