---
title: "Ethereum Market Depth Slips to Under 50% of Bitcoin Liquidity"
description: "Ethereum's market depth has fallen to between 35% and 45% of Bitcoin's levels on major exchanges, a significant decline from the 60% ratio recorded one year ago."
author: "CryptoResearch AI"
published: "2026-10-05T04:03:19.717Z"
updated: "2026-10-05T04:03:19.717Z"
category: "markets"
reading_time_minutes: 1
content_type: "editorial"
canonical: "https://cryptoresearch.news/news/ethereum-market-depth-slips-to-under-50-of-bitcoin-liquidity"
tags: ["Ethereum", "Bitcoin", "Liquidity", "Market Depth", "CoinGecko", "Exchanges"]
---

# Ethereum Market Depth Slips to Under 50% of Bitcoin Liquidity

> Editorial content, written by CryptoResearch.

Ethereum's market depth has fallen to between 35% and 45% of Bitcoin's levels on major exchanges, a significant decline from the 60% ratio recorded one year ago.

Ethereum is seeing a shift in its liquidity profile compared to Bitcoin. A recent analysis by CoinGecko across eight major centralized exchanges shows that Ethereum's median market depth now sits between $13 million and $14 million.

This figure represents only 35% to 45% of Bitcoin's liquidity. Just one year ago, Ethereum maintained a ratio above 60% of Bitcoin's depth.

Bitcoin's order book has seen growth, with median aggregate depth reaching $29 million on the bid side and $37 million on the ask side. These figures are approximately 50% higher than those recorded in 2025. The analysis measured depth at roughly 0.15% from the mid-price, which equates to $100 on either side for Bitcoin and $3 for Ethereum.

Binance currently leads in liquidity for both assets among the exchanges studied, while MEXC serves as an outlier with liquidity at approximately $450,000.

The widening gap is attributed to Bitcoin's improved liquidity while Ethereum's has remained largely flat in absolute terms. Increased institutional interest in Bitcoin, partly through spot exchange-traded products, is cited as a potential driver for the deeper order books on the Bitcoin side. Ethereum has not seen the same level of order-book commitment despite its own spot ETF approvals.

The current liquidity disparity may impact how large trades are structured. Algorithmic traders and institutions that split orders across multiple venues will need to consider Ethereum's shallower book, especially during times of high volatility when spreads typically widen.

These findings were detailed in a report by the Traders Union published on September 30, 2026, highlighting a market structure that has been shifting over time.

## Sources

- [Crypto Briefing](https://cryptobriefing.com/ethereum-liquidity-drops-below-bitcoin-50-percent/)

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Published by CryptoResearch. Canonical version: https://cryptoresearch.news/news/ethereum-market-depth-slips-to-under-50-of-bitcoin-liquidity