Ethereum liquidity drops below 50% of Bitcoin’s level
Crypto Briefing 2026-10-05 02:14:02
Context: Ethereum's liquidity has significantly decreased, now standing at 35-45% of Bitcoin's level, down from over 60% a year ago. This shift is attributed to increased institutional interest in Bitcoin, partly driven by spot exchange-traded products, while Ethereum's liquidity has remained relatively flat. The change impacts how large trades are structured, particularly during periods of high volatility.
Key Facts
- Ethereum's median market depth is $13-14 million, which is 35-45% of Bitcoin's liquidity, according to a CoinGecko analysis of eight major centralized exchanges.
- Bitcoin's median aggregate depth has reached $29 million on the bid side and $37 million on the ask side, roughly 50% higher than the figures recorded in 2025.
- Binance leads liquidity for both assets across the exchanges studied, while MEXC's liquidity sits at approximately $450,000, making it a clear outlier in the dataset.
- 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 $3 for Ethereum.