According to a study by CoinGecko published on October 5, Ethereum liquidity on centralized exchanges has fallen below half of Bitcoin’s. It now represents only 35 to 45%, compared to at least 60% in 2025. At 0.15% from the current price, the eight platforms combined display only 13 to 14 million dollars of orders in median, compared to 66 million dollars for Bitcoin in a comparable window. Seven out of eight exchanges maintain more than one million dollars on each side, with Binance dominating the rankings. This relative decline is explained by the thickening of Bitcoin order books by nearly 50% in one year, not by a collapse of Ether books, which remained stable in dollar terms. Ether nonetheless gained nearly 70% in the third quarter of 2026, outpaced by Bitcoin’s 42%, widening the gap between the price and the order book depth that must absorb it.
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