Bitget ranks second in Ethereum liquidity depth in the first half of 2026

Bitget ranked second in the depth of Ethereum order book in the first half of 2026

According to CoinGlass data, Bitget ranked second in the depth of Ethereum order book in the first half of 2026. The result consolidates the exchange's position among major derivatives platforms as traders increasingly focus on liquidity, price stability and execution quality.

Quick overview of key points

Bitget ranked second in Ethereum liquidity depth in the first half of 2026. The depth of its ETH order book within 1% of the median price reached US$81.37 million.

Ethereum liquidity helped Bitget jump to second place

Bitget recorded US$81.37 million in Ethereum orderbook depth, which is within 1% of mid-market prices. This represents 21.4% of the total liquidity of trading platforms covered by the CoinGlass report. This performance comes against the backdrop of declining reserves on the Ethereum exchange, making ready-to-use ETH liquidity even more valuable.

Only Binance leads Bitget. This result means that on most exchanges evaluated in the first half of 2026, the platform maintained more ETH buy and sell orders close to market prices. Order book depth is a useful indicator of transaction quality. Deeper markets allow traders to execute larger positions with smaller slips, while also reducing the risk of a single order triggering sudden fluctuations in Ethereum prices.

CoinGlass reported that the total trading volume of cryptocurrency derivatives in the first half of 2026 fell by 15.7% year-on-year. During the same period, the average daily open interest fell slightly, at 10%. The difference suggests that trading activity is slowing faster than the decline in open interest market exposure. Investors remain active, but trade less frequently and become more picky about the platforms they use.

Under these conditions, the mere transaction volume data becomes less meaningful. Traders are more concerned about spreads, orderbook elasticity and execution costs. Exchanges with limited liquidity can expose users to higher slip points, especially if market volatility suddenly increases. Bitget also performed strongly in the Bitcoin market. The depth of the exchange's BTC order book within 1% of the median price reached US$71.7 million, accounting for 13.4%, ranking fourth among the exchanges included in the study.

Institutional traders push Bitget expansion

Bitget's Ethereum liquidity performance reflects its growing focus on professional traders. According to the exchange's internal data, as of December 2025, institutional participants accounted for 82% of its spot trading volume. Institutional traders often need deeper trading markets because of their larger operations and stricter execution requirements.

They will also examine factors that retail traders may ignore, including market delays, rate structure, spread stability and the ability to complete large orders without significantly changing market prices. Bitget upgraded its PRO and liquidity incentive plans in early July. These improvements optimize transaction costs, liquidity incentives and market-making conditions for cryptocurrency assets and traditional financial products.

According to Bitget CEO Gracy Chen, depth of liquidity has become a core indicator of exchange trust and performance. This is particularly important when overall activity slows but traders still maintain significant market exposure.

Bitget expands model beyond Ethereum

CoinGlass's report also highlighted Bitget's expansion into traditional financial products. In the first half of 2026, the exchange's traditional financial perpetual contract trading volume reached US$66.41 billion. This accounted for 5.5% of the total transaction volume on the five platforms covered in this part of the report. This suggests that demand for stocks, commodities and foreign exchange products is growing in the native trading environment of cryptocurrencies.

The exchange is leveraging its "universal exchange" model to integrate cryptocurrencies, tokenized assets and traditional markets into a single infrastructure. Ethereum liquidity remains crucial to this strategy. ETH is not only a major speculative asset, but also supports pledge, decentralized finance, tokenization and institutional portfolio strategies.

As a result, a powerful Ethereum order book can attract traders who may use other products on the platform in the future. Bitget's second-place ranking shows that the exchange is laying the liquidity foundation needed for this broader multi-asset ambition. The challenge now will be to maintain this depth during periods of extreme volatility. Liquidity rankings are most valuable when facing market pressure, not just when trading conditions are stable.