Ethereum has had a significant expansion in liquidity over the past three months, with aggregated 2% market depth rising from $278.35 million on April 25 to $393.34 million on July 21.
This 41% increase comes from a clear buildup in resting orders on both sides of the order book, suggesting heightened participation by market makers and a larger buffer for volatile trading sessions.
However, the sharp spike in trading activity on July 21 compressed the depth-to-volume ratio to a multi-month low, pointing to growing but still limited capacity in absorbing fast-moving flows.
The bid/ask composition on July 21 showed a mild tilt toward the sell side, with $209.99 million in ask-side liquidity and $183.35 million on the bid side within the 2% range. While not dramatically imbalanced, the $26.64 million gap hints at cautious upward resistance, possibly due to profit-taking or hedging behavior following Ethereum’s recent rally.
More notably, US-based exchanges now account for 50.29% of global 2% market depth, regaining parity with offshore platforms.
This marks a shift from April, when US platforms fell slightly below the 50% threshold. Kraken and CEX.IO were the primary drivers of this move, holding 31.2% and 29.97% of the US market share, respectively, while Coinbase trailed with just 18.54%. Coinbase’s decline in depth share may stem from recent adjustments to its fee structure, which have reportedly reduced market maker incentives.
On the global side, Binance retained its dominance with 44.53% of all 2% ETH liquidity, followed by…
Click Here to Read the Full Original Article at Ethereum (ETH) News | CryptoSlate…
