According to data tracked by digital asset data company CCData, since the listing of the US Ethereum spot exchange traded fund (ETF) on July 23 this year, the market depth of Ethereum (ETH) on the exchange has declined, which is different from the situation of Bitcoin (BTC) after its listing on the spot ETF.

Some analysts predicted last year that spot ETFs would have a net positive impact on market liquidity, making it easier to execute large buy and sell orders at stable prices, which was confirmed in the Bitcoin market. After the Bitcoin spot ETF went public in January this year, the market liquidity of Bitcoin has significantly increased.

However, data tracked by CCData shows that the average 5% market depth of Ethereum trading pairs on centralized exchanges in the United States has decreased by 20% to around $14 million. On offshore centralized exchanges, it decreased by 19% to around $10 million. In other words, it has actually become easier to make spot prices fluctuate by 5% in either direction now, which is a sign of reduced liquidity and increased sensitivity to large orders.

CCData analysts believe that this situation may be due to current market conditions and seasonal influences.

Although the market liquidity of ETH trading pairs on centralized exchanges is still higher than at the beginning of the year, liquidity has decreased by nearly 45% since its peak in June, "said Jacob Joseph, a research analyst at CCData, in an interview with CoinDesk." This may be due to poor market conditions and seasonal effects during the summer, typically accompanied by lower trading activity

This indicator refers to the buying and selling order volume of an asset within a range of 5% above or below the market price. A higher depth indicates stronger liquidity and lower sliding point costs. CCData examined the 5% market depth of all ETH trading pairs across 30 centralized exchanges.

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(责任编辑：宏观研究)