[coingecko] 2025 Crypto Liquidity on CEXes

Beyond just utility and tokenomics, liquidity has quickly become an important metric for any crypto asset. In simple terms, it is a measure of how easily an asset can be traded at the market price, vs costing the trader in slippage. It is also an indication of how volatile a price of a coin can be, as the price of a coin can fluctuate significantly if there is low liquidity on exchanges, and slightly larger orders can result in big swings. Liquidity also begets liquidity — a larger trader would be reluctant to trade in low liquidity coins if they are aware that the
market cannot support the order sizes that they are looking to deploy and will only limit themselves to more liquid coins.

SUMMARY

• CEX liquidity for the top 5 major crypto assets (BTC/ETH/XRP/SOL/DOGE) is generally healthy across various market depths, with Binance offering the most liquidity for BTC, while Bitget is the most liquid platform for altcoins within the 0.3 – 0.5% price interval.
• Bitcoin has up to $25M in liquidity within the +/- $100 range, while ETH liquidity makes up around ~60-70% of BTC’s liquidity, with a median of $15-16M of depth. However, the orderbooks for ETH tends to be deeper at or close to the market price but tapers off quicker on most exchanges.
• On most days, liquidity tends be balanced on both sides of the orderbook, across all coins and all exchanges.
• However, significant market events can heavily impact liquidity on most exchanges, with traders crowding around key price levels on both the buy and sell side.
• Liquidity can also have certain behaviors that are specific to a particular crypto asset. For example, XRP’s monthly unlocks draws more liquidity around the end of the month while the completion of major network upgrades attracts more buyers.
• CEX liquidity for the top 5 major crypto assets is generally healthy across various market depths, with Binance offering the most liquidity for BTC, while Bitget is the most liquid platform for altcoins within the 0.3 – 0.5% price interval.
• Across the 5 assets, Binance tends to have liquidity throughout the +/-2% depth range. However, for other exchanges, liquidity tends to taper off after a particular depth level. The exception to this is Crypto.com, where liquidity displays a big jump only as prices deviate by 1.6-2% from current market prices.
• Even on the most illiquid days during our study, the least liquid exchanges exhibit at least more than $500K in liquidity for all selected assets within the +/-2% range.

https://www.coingecko.com/research/publications/crypto-liquidity-report-2025#:~:text=Liquidity%20across%20the%20eight%20exchanges,%24430K%20in%20this%20range.