$ETH has had a transformative 2021 so far, and order book data suggests a maturing market.
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Total quantity (in USD) within the top 100 bids and asks has been increasing.
This is largely due to ETH's recent price movement in USD.
A more profound improvement is the 𝑞𝑢𝑎𝑙𝑖𝑡𝑦 of the market depth with prices closer to the best bid and ask.
This is largely due to ETH's recent price movement in USD.
A more profound improvement is the 𝑞𝑢𝑎𝑙𝑖𝑡𝑦 of the market depth with prices closer to the best bid and ask.
On Coinbase and Kraken there is now typically enough ETH on each side of the market available to absorb a $1M market order with less than 0.2% slippage. 
The improving market depth for ETH across centralized exchanges is striking considering trading volume on DEXs, e.g. Uniswap V3, now rivals centralized peers.
Read more about how the #Ethereum market is maturing in this week's State of the Network:
coinmetrics.substack.com/p/coin-metrics…
Read more about how the #Ethereum market is maturing in this week's State of the Network:
coinmetrics.substack.com/p/coin-metrics…
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