In the fast-growing ecosystem of cryptocurrencies, liquidity has emerged as a pivotal metric, influencing trading ease, market stability, and institutional interest. According to CoinGecko’s Crypto Liquidity on CEXes Report 2025, liquidity is no longer just a technical indicator but a hallmark of an asset’s maturity and readiness for significant capital inflows.
As centralized exchanges (CEXes) tighten listing standards and market makers bolster orderbook depth, understanding liquidity offers critical insights for traders navigating today’s dynamic crypto landscape.
Liquidity, at its core, measures how easily an asset can be bought or sold without significantly impacting its price.
High liquidity reduces volatility and slippage—the difference between the expected and executed price of a trade—making an asset more attractive to both retail and institutional investors.
As the crypto market matures, exchanges are raising the bar for token listings, prioritizing assets with robust liquidity to ensure market stability and investor confidence.
Market makers, who provide the foundational depth by placing buy and sell orders, play a crucial role in this ecosystem, signaling an asset’s readiness for serious capital.
CoinGecko’s report zeroes in on trading depth across eight major CEXes, focusing on narrow price ranges to illustrate how much capital is required to move markets.
This approach offers a granular view of liquidity, making it more relatable for everyday traders.
For Bitcoin (BTC), the report finds a median orderbook depth of $20–$25 million per side at a ±$100 price range.
Binance leads the pack, accounting for 32% of this liquidity with approximately $8 million in depth on both buy and sell sides, followed by Bitget ($4.6 million) and OKX ($3.7 million).
However, within a tighter ±$10 range, only Binance maintains over $1 million in liquidity per side, while others, including Kraken and Coinbase, fall below $500,000, highlighting significant disparities among exchanges.
For Ethereum (ETH), liquidity is slightly lower, with a median depth of $15–$16 million at a ±$2 range (approximately 0.1% of ETH’s price).
Bitget takes the lead in this narrow range, followed by Binance and OKX, though Binance regains dominance at wider price ranges (±$50).
Solana (SOL) also stands out, with orderbooks holding about 60% of ETH’s liquidity at a ±2% range and showing depth within ±$1.
This suggests SOL’s growing maturity as a high-liquidity asset, particularly on exchanges like Bitget (32% share) and Binance (20%).
XRP liquidity, concentrated on Bitget, Binance, and Coinbase, controls about 67% of the market but trails SOL in both depth and volume.
DOGE, meanwhile, maintains balanced liquidity around market prices, reflecting its stability despite its meme coin origins.
These findings underscore the varying liquidity profiles across top cryptocurrencies and exchanges.
Binance’s dominance in BTC and broader ETH ranges highlights its role as a liquidity powerhouse, while Bitget’s edge in narrower ETH and SOL ranges points to its growing influence.
For traders, this means that executing large orders on Binance may result in less price impact for BTC, while Bitget could be preferable for smaller, precise ETH trades.
However, less liquid exchanges like HTX and Kraken may pose challenges for high-volume trades, potentially leading to higher slippage.
The report’s focus on narrow price ranges is particularly valuable for retail traders, who often operate within tight margins.
By quantifying the capital needed to move prices, CoinGecko helps with better understanding liquidity, empowering traders to make informed decisions.
For instance, SOL’s robust depth within ±$1 suggests it can absorb significant trades with minimal disruption, a sign of its growing institutional appeal.
Conversely, assets like XRP, with concentrated liquidity, may face higher volatility on less dominant exchanges.
As the crypto market continues to mature, liquidity will remain a key indicator of an asset’s viability.
CoinGecko’s report not only highlights the current state of liquidity on CEXes but also sets the stage for understanding how market dynamics will evolve in the foreseeable future.