Ethereum order‑book liquidity has grown 41 % since April

with insights from Kaiko

Thicker books and a volume surge painted a busy picture for Ethereum.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Ethereum’s order books carry $393 million inside a 2 % band, the most since February, yet a three‑fold jump in spot turnover compressed the depth‑ratio to fresh lows. We unpack where that liquidity sits and what the bid‑ask split reveals about short‑term sentiment.