CoinGecko Report Highlights 2025 Crypto Liquidity Trends on Centralized Exchanges

In a comprehensive analysis of cryptocurrency liquidity on centralized exchanges, CoinGecko's 2025 report delves into the trading depth and capital requirements necessary to move markets. The report provides insights into how liquidity affects trading ease, volatility, and institutional interest, according to CoinGecko.

Binance Leads in Bitcoin (BTC) Liquidity

Binance emerged as the leader in Bitcoin (BTC) liquidity, maintaining approximately $8 million in order book depth on both buy and sell sides within a narrow price range of +/- $100. This positions Binance ahead of competitors like Bitget and OKX. The report notes that while the median cumulative depth across eight exchanges is between $20-$25 million, Binance accounts for 32% of this liquidity.

Ethereum (ETH) Liquidity Shifts

Bitget has overtaken Binance as the leader in Ethereum (ETH) liquidity within a +/- $15 range, although Binance regains its dominance at wider depths. The report indicates that ETH liquidity is approximately 60-70% of BTC's at the same depth level, showcasing a healthy liquidity environment across major exchanges.

XRP and Solana (SOL) Liquidity Insights

XRP liquidity is largely concentrated among Bitget, Binance, and Coinbase, which collectively control 67% of the market share. Despite XRP's higher market cap compared to Solana (SOL), it trails in both liquidity and trading volume. Solana's order books hold about 60% of Ethereum's liquidity at a +/-2% range, demonstrating significant depth within tight price ranges.

Dogecoin (DOGE) Liquidity Profile

Dogecoin (DOGE) presents a unique liquidity profile, possibly due to its status as a meme coin. Liquidity is concentrated close to market prices, with Bitget, Binance, OKX, and Coinbase showing roughly equal liquidity up to a +/- $0.001 range. DOGE's liquidity curves suggest consistent liquidity across depth levels, indicative of market maker activity and speculative trading behavior.

The report emphasizes the importance of liquidity as a metric for assessing asset maturity and readiness for significant capital investment, providing a clearer view of the market for traders navigating the evolving crypto landscape.

For a detailed analysis, the full report can be accessed on CoinGecko.