CCData tracking data shows that ETH's order book liquidity has been declining since the debut of nine Ethereum spot ETFs on July 23.
Since the launch of the ETF, the average 5% market depth of ETH trading pairs on centralized trading platforms in the United States has fallen by 20% to about $14 million. On offshore centralized trading platforms, this figure has fallen by 19% to about $10 million. In other words, it is now actually easier for spot prices to rise or fall by 5%, which indicates less liquidity and increased sensitivity to large orders.
CCData research analyst Jacob Joseph said that although the liquidity level of ETH trading pairs on centralized trading platforms is still higher than at the beginning of the year, liquidity has fallen by nearly 45% since its peak in June. This may be due to poor market conditions and the seasonal impact of summer, which is usually accompanied by reduced trading activity. (CoinDesk)