ETH liquidity falls to less than half of BTC’s, with median depth at $13M$14M at the 0.15% level

Reported ETH order-book liquidity has fallen to less than half of BTC's, down from at least ~60% in 2025, implying relative depth deterioration. At 0.15% depth, median liquidity is ~$13M–$14M, with most major venues still above $1M per side; Binance leads on tight ETH spreads. The shift matters for execution quality, as reduced relative depth can raise slippage sensitivity during volatility.