Data: Binance Leads BTC Liquidity, Bitget Performs Best in Altcoin Market
Recently, CoinGecko released the '2025 Centralized Exchange Crypto Liquidity Status Report', comparing the order book depth of mainstream CEXs like Binance, Bitget, Bybit, OKX, Kraken, and Coinbase, and comprehensively analyzing the liquidity performance of assets like BTC, ETH, XRP, SOL, and DOGE across different spread ranges. The report shows that Bitget performs best in the 0.3% to 0.5% spread range for altcoins, providing a high-quality trading environment for altcoin investors.
The report also points out that in Bitcoin trading, Binance maintains a leading position with about 32% market liquidity. In the ±$100 spread range, both its buy and sell order book depths reach about $8 million, with Bitget and OKX following at $4.6 million and $3.7 million, respectively. In terms of Ethereum, in the ±$15 (about 1%) spread range, Bitget becomes the strongest liquidity platform, but in larger spread ranges, Binance still dominates.
In the liquidity distribution of XRP, Bitget, Binance, and Coinbase account for about 67% of the market liquidity. The liquidity of DOGE is even more dispersed; in the ±$0.001 (about ±0.5%) spread range, the one-sided depth of Binance, Bitget, OKX, and Coinbase is similar, ranging between $1 million and $1.7 million.
It is worth noting that although the market generally believes that weekend liquidity is lower and prices are more volatile, the data shows a contrary trend. Taking Binance as an example, its average depth on weekdays is $6 million to $7 million, while on weekends it often rises to $8 million to $10 million.
At the same time, several exchanges including Bitget and OKX also show stronger liquidity performance on weekends, with order book depths in multiple time slots comparable to Binance, indicating that weekends are not a period of trading weakness, but rather an important window for liquidity recovery.
