TechFlow news, according to data tracked by CCData, since the debut of nine spot Ethereum ETFs on July 23, order book liquidity for ETH has been declining.
Since the ETF launch, average 5% market depth for ETH trading pairs on U.S. centralized exchanges has dropped by 20%, falling to around $14 million. On offshore centralized exchanges, the figure has declined by 19% to approximately $10 million. In other words, the spot price is now more susceptible to moving up or down by 5%, indicating reduced liquidity and increased sensitivity to large orders.
Jacob Joseph, research analyst at CCData, noted that while liquidity levels for ETH pairs on centralized exchanges are still higher than at the beginning of the year, they have decreased nearly 45% from their peak in June. This could be due to unfavorable market conditions and seasonal summer effects, which typically come with reduced trading activity.
