According to data tracked by CCData, ETH's order book liquidity has been declining since the debut of nine Ethereum spot ETFs on July 23. Since the launch of ETFs, the average 5% market depth of ETH trading pairs on US centralized trading platforms has dropped by 20% to about $14 million. On offshore centralized trading platforms, this figure has dropped by 19% to about $10 million. In other words, it is actually easier for spot prices to rise or fall by 5% now, indicating less liquidity and increased sensitivity to large orders. Jacob Joseph, research analyst at CCData, said that while the level of liquidity in ETH trading pairs on centralised trading platforms is still higher than at the start of the year, liquidity has fallen by almost 45 per cent since its peak in June. This may be due to poor market conditions and the seasonal effects of summer, which are usually accompanied by reduced trading activity.