Order Book Depth on Major Venues Returns to Multi-Year Highs

Two percent order book depth for Bitcoin on major exchanges has climbed back toward multi-year highs, according to data from Kaiko. The improvement reflects the return of market makers that had scaled back activity during the previous bear market and the aftermath of the FTX collapse.

Liquidity remains concentrated on a handful of venues, with Binance, Coinbase, Bybit and OKX accounting for the majority of top-of-book depth. Smaller venues have continued to compete on niche pairs and derivatives products.

Deeper order books have coincided with lower realised volatility in spot markets.