TechFlow news, June 26 — Recently, CoinGecko released its "2025 State of Centralized Exchange Crypto Liquidity Report," comparing order book depths across major CEXs including Binance, Bitget, Bybit, OKX, Kraken, and Coinbase, and comprehensively analyzing liquidity performance of assets such as BTC, ETH, XRP, SOL, and DOGE across various spread ranges. The report shows that Bitget delivers the strongest liquidity for altcoins within the 0.3% to 0.5% spread range, offering an excellent trading environment for altcoin investors.
The report also notes that in Bitcoin trading, Binance maintains its lead with approximately 32% market liquidity. Within the ±100 USD spread range, both bid and ask sides of its order book reach around $8 million, followed by Bitget and OKX at $4.6 million and $3.7 million respectively. For Ethereum, Bitget becomes the most liquid platform within the ±15 USD (approximately ±1%) spread range, though Binance remains dominant at wider spreads.
In terms of XRP liquidity distribution, Bitget, Binance, and Coinbase collectively account for about 67% of market liquidity. DOGE liquidity is more evenly distributed—within the ±0.001 USD (approximately ±0.5%) spread range, the single-side depth of Binance, Bitget, OKX, and Coinbase is broadly similar, ranging between $1 million and $1.7 million.
Notably, although it is commonly believed that weekend liquidity is lower and prices more volatile, data reveals the opposite trend. For example, Binance's average order book depth on weekdays ranges from $6 million to $7 million, while weekends often see increases to $8 million–$10 million. Meanwhile, multiple exchanges including Bitget and OKX also demonstrate stronger liquidity during weekends, with order book depths matching Binance at various times—indicating weekends are not periods of weak trading activity, but rather critical windows for liquidity recovery.
