A CoinGecko analysis of eight major exchanges shows Ethereum’s market depth has fallen to 35 to 45% of Bitcoin’s level, down from over 60% a year ago. Ethereum’s median liquidity sits at approximately $13 to $14 million, compared to $29 million on the bid side and $37 million on the ask side for Bitcoin. Binance leads liquidity for both assets, while MEXC’s liquidity stands at around $450,000, making it a clear outlier. The contrast reflects Bitcoin’s substantially deeper order books driven by increased institutional interest through spot ETFs, while Ethereum has not attracted the same scale of order-book commitment despite its own spot ETF approvals.
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