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 liqu…
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