CoinDesk 2025-06-26 12:27:21

For Altcoin Whales Trading May be Easier on Bitget Than Binance, CoinGecko Research Finds

Crypto whales looking to trade large orders in Solana's SOL SOL, dogecoin DOGE and XRP XRP might want to consider new research by Coingecko, which shows Bitget as the industry leader in altcoin liquidity, outpacing Binance. "CEX [centralized exchange] liquidity for the top 5 major crypto assets is generally healthy across various market depths, with Binance offering the most liquidity for BTC, while Bitget is the most liquid platform for altcoins within the 0.3%-0.5% interval," Coingecko's research said. The firm researched global order books for the top five coins, bitcoin BTC, ether ETH, SOL, XRP and DOGE, over the 61 days from March 19 to May 18. Liquidity reflects the depth and size of buy and sell orders at different prices, representing the ease of trading large orders without causing significant price changes. The standard measure of liquidity is market depth, which refers to the collection of buy and sell orders at different price ranges (e.g., within 0.3%-0.6 %, 1%, 5%, or 10%). A tight liquidity closer to the going market rate indicates lower slippage for traders. Slippage refers to the difference between the price at which a trade is expected to be executed and the actual price at which it is executed. Bitget's leadership stems from its infrastructure, Gracy Chen, CEO of Bitget, said in an email responding to the research. “Altcoin liquidity is a measurement for market depth, and this ranking shows how far Bitget has come. Today, institutions drive 80% of our spot volume, futures activity from professional firms has doubled, and 80% of top quant funds trade on Bitget. Liquidity is infrastructure — and we’re building it where the market needs it most," Chen said in an announcement shared with CoinDesk. In XRP's case, Bitget was dominant at the 0.3% (with a variance of $0.006) depth range, with Binance and Coinbase catching up at the 1% (with a variance of $0.006) depth level. A similar pattern was observed in SOL, where Bitget led major exchanges with a 32% share of liquidity at the 0.6% range, only to lose ground to Binance at the wider 2% level. Bitget was also the leader at small intervals in ETH and DOGE. However, for Bitcoin, Binance was the leader at all levels of market depth, with $8 million on both sides at a spread of $100 from the market price.