A report by CoinGecko compared major exchanges on the liquidity they offer to traders across several major crypto assets.
Binance continues to dominate among crypto exchanges, especially when it comes to Bitcoin (BTC) trading. However, a report by CoinGecko, published on June 25, suggests that smaller exchanges can compete with Binance in the altcoin market. Specifically, Bitget (BGB) exchange leads in the key mid-spread band for altcoins, which is where most real trading occurs.
CoinGecko’s report shows that Binance remains unchallenged in terms of Bitcoin liquidity. Binance controlled around 32% of all Bitcoin liquidity on exchanges, with deeper liquidity across all trading depths.
Median BTC daily liquidity on major centralized exchanges, aggregated from March 19 to May 18 | Source: CoinGecko
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Biget challenges Binance on altcoins
Still, other exchanges are able to challenge Binance in altcoin liquidity. For instance, Bitget leads in the mid-range, where most of the trading happens. At the same time, the exchange actually outpaced Binance on several days, including April 15. Still, beyond the mid-range, Bitget’s liquidity tapers off.
ETH daily liquidity on major centralized exchanges on April 15 | Source: CoinGecko
The situation is similar for XRP, where Bitget retains dominance in the 0.3% trading range, after which it quickly declines. Bitget also leads in SOL liquidity, controlling 32% of the share at the 0.6% liquidity range. According to CEO Gracy Chen, Bitget has been working actively to partner with institutional liquidity providers.
“Today, institutions drive 80% of our spot volume, futures activity from professional firms has doubled, and 80% of top quant funds trade on Bitget. Liquidity is infrastructure — and we’re building it where the market needs it most,” Gracy Chen, Bitget CEO.
Finally, the CoinGecko report notes that liquidity is healthy across all major exchanges, particularly in realistic trading ranges. This indicates a healthy state of the crypto market as it continues to mature and attract more institutional players.
Read more: Report: Binance held 36% CEX market share in Q1 as total crypto trading volume dropped 12%
