Glassnode, the on-chain analytics firm, has rolled out real-time orderbook data for Bitcoin (BTC) and Ethereum (ETH). The data covers two of the biggest exchanges in crypto: Binance and Coinbase. The new metrics are designed to give traders a clearer picture of liquidity depth as orders flow in and out.
What the new data covers
The orderbook snapshot updates in real time, showing bid-ask spreads, order sizes, and the shape of the book on both the spot and perpetual markets for BTC and ETH. Glassnode has long been known for its on-chain metrics — like exchange inflows, miner balances, and realized cap — but this is a shift into orderbook-level microstructure data. The firm said the aim is to help traders spot liquidity shifts before they show up in price action.
Why Binance and Coinbase
Glassnode chose Binance and Coinbase for the initial rollout. Together, the two exchanges account for a significant chunk of global BTC and ETH spot volume. By focusing on these two, the firm can offer a reasonably representative view of market depth without trying to merge fragmented data from dozens of smaller venues. The data is available through Glassnode's API and its studio dashboard.
A tool for liquidity analysis
For active traders, orderbook data is a direct window into supply and demand at various price levels. A thin book can signal vulnerability to large swings, while a thick book suggests stability. Glassnode's new offering layers that live snapshot on top of its historical on-chain data, letting users compare, say, current liquidity on Coinbase with on-chain accumulation patterns. The timing is notable — crypto markets have seen periods of sharp volatility this year, and liquidity depth has been a recurring topic among derivatives traders.
What comes next
Glassnode hasn't said whether it will expand the orderbook data to other exchanges or other assets. For now, the focus is on the two biggest pairs on the two biggest exchanges. The firm is expected to release more documentation and example use cases in the coming weeks as traders begin incorporating the new feed into their workflows.
