- Across 8 top centralized exchanges, the median Bitcoin orderbook depth is $20 to $25 million per side
- For XRP, Bitget maintains a rather notable dominance within the +/- $0.006 (around 0.3%) depth range
- Binance still holds peak trading volume, processing nearly $434 billion in May
CoinGecko published a ‘Crypto Liquidity on CEXes Report 2025’ that highlights liquidity as a key driver of trading ease and institutional interest in 2025 crypto markets.
The report emphasizes 5 most important points, starting with Bitcoin liquidity. More precisely, it states that across 8 top centralized exchanges (CEXes), the median Bitcoin orderbook depth is $20 to $25 million per side.
With an orderbook depth of roughly $8 million across its buy and sell sides, Binance represented approximately 32% of this liquidity. Bitget ranked next at around $4.6 million, and OKX came in third with just about $3.7 million.
When it comes to Ethereum liquidity, its median depth at +/- $2 is $15 to $16 million which is about 60% to 70% of Bitcoin’s liquidity. Bitget leads within tight spreads, while Binance dominates at wider depths (holding roughly 25%).
Next in line is XRP liquidity, and Ripple demonstrates approximately $15 million in one-sided liquidity across eight exchanges within the +/- $0.02 (around 1%) depth range.
Bitget maintains a rather notable dominance within the +/- $0.006 (around 0.3%) depth range, but its lead quickly diminishes thereafter. By the +/- $0.02 (around 1%) depth range, Binance and Coinbase achieve comparable liquidity levels.
Solana and Dogecoin
Solana liquidity is next in line in the report, where it’s stated that Solana trades around $20 million per side at +/- $1 (around 0.60%) across eight CEXes.
Bitget leads with approximately 32% liquidity share, followed by Binance at about 20%. Beyond +/- $1 range, Binance and Crypto.com pick up the slack.
Finally, CoinGecko’s report has Dogecoin liquidity as a last highlight. For Dogecoin, Bitget, Binance, OKX, and Coinbase all demonstrate generally equal liquidity, ranging from $1 to $1.7 million in one-sided liquidity, within the +/- $0.001 (roughly 0.5%) depth range.
Within the +/- 2% depth level, Dogecoin holds approximately $10 million to $12 million in cumulative single-sided liquidity across the eight exchanges surveyed. This represents about half of XRP’s liquidity at that same depth.
In general, when it comes to trading volume, Binance is still at its peak, processing nearly $434 billion in May and surpassing competitors like OKX and Bitget.
In conclusion, it’s interesting to see that while Binance remains the backbone of Bitcoin liquidity, altcoin depth is diversifying, with Bitget and Coinbase rising in importance.
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