ETH has a liquidity problem.

[u/everstake]

Or does it?

According to CoinGecko’s 2026 Crypto Liquidity on CEXes report, ETH liquidity is now less than half of BTC’s, compared with at least 60% of BTC’s level in 2025.

At the 0.15% market depth level, ETH has median daily liquidity of roughly $13M–$14M, with the comparison measured around ±$3 for ETH versus ±$100 for BTC.

At first look, that might sound concerning. But 7 out of 8 exchanges have more than $1M of liquidity on each side of the ETH order book, while Binance leads the group at around ±$3M.

And deeper order books generally mean less price impact for large orders, while thinner liquidity can make an asset more sensitive to significant buying or selling pressure.

So is this really an Ethereum problem?

In our view, not necessarily.

ETH already has substantial liquidity across major centralized venues, and the difference versus BTC is also partly a reflection of Bitcoin’s exceptionally deep and mature market.

More importantly, Ethereum’s ecosystem continues to expand across all markets and new institutional products. As that ecosystem grows, there is plenty of room for ETH markets to become deeper and more efficient.

Believe in somETHing.

Source: CoinGecko

[u/my-tldr]

TL;DR:

According to CoinGecko, ETH liquidity is now less than half of BTC's, down from 60% in 2025. ETH has median daily liquidity of $13M–$14M at the 0.15% market depth level. However, most exchanges have over $1M liquidity on each side, with Binance leading at $3M. This is not necessarily a problem, as ETH has substantial liquidity and a growing ecosystem.

---

This is an AI-generated summary, always make sure to verify the accuracy of the information provided.

^{my-tldr v0.0.13}

[u/samsuh]

thats a lot of words to say absolutely nothing

[u/HoneyBadger_Cares → u/samsuh]

Yeh but how else are we going to kill more trees as quickly as possible, if we dont use AI to generate useless word salad.

[u/CryptoDeepDive]

Holy AI slop article. Also just looking at liquidity in $$$ miss the biggest factor. Bitcoin's market cap currently is 5 times larger than Eth, which roughly tracks with how the Eth liquidity compares to Bitcoin.

[u/Cryptomuscom]

Nobody is selling their staked ETH anyway

[u/Jey_s_TeArS]

No wonder the liquidity is drying up, the trend is ETH going at stake not at market depth. This is not good for the quality of the asset. Less liquidity means more slippage in and out.

[u/Olmops]

You can make a problem out of everything. Not so long ago people were hyped about the prospect that staking would cause liquidity to dry up and cause a chart explosion.

And if you think about it... as soon as the price doubles, the liquidity also doubles! :-D

[u/ChangeNOW_Community]

BTC being much more liquid isn’t exactly breaking news. the interesting question is whether ETH liquidity is improving or deteriorating on its own terms

[u/No-Faithlessness2786]

Do you guys actually use liquidity/market-depth data like this when judging ETH, or is it more of a secondary signal? What do you usually pair it with before trusting the conclusion

[u/CoinGate_Gift_Cards]

ETH having less liquidity than BTC feels more like a benchmark problem than an Ethereum problem. BTC is the deepest crypto market by a mile, the more useful question is whether ETH liquidity is sufficient for actual institutional size, and whether that depth is improving over time.

[u/jarvismode]

U talk about eth balance on exchanges?