CoinGecko maps real order-book liquidity across eight major crypto exchanges
- —Median BTC depth: $29M on the bid and $37M on the ask within a $100 range
- —Binance holds 25.3% of BTC liquidity — about $7.3M bid and $8.3M ask
- —ETH depth is only 35–45% of Bitcoin's, down from at least 60% in 2025
- —SOL liquidity fell 28.5% year-on-year, from $28M to $20M per side
Why it matters: The report shows trading volume understates true market depth, meaning large orders depend more on venue and timing than on advertised fees.
Source: Journal du Coin