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Ether rose 70% in the third quarter, compared with bitcoin’s 42% gain. CoinGecko reported that ether’s median daily market depth between July 6 and Sept. 30 was just 35%–45% of bitcoin’s, down from at least 60% in the same period a year earlier.
Ether rose 70% in the third quarter, beating bitcoin’s 42% gain, but the token’s near-price liquidity weakened relative to bitcoin, according to a CoinGecko report published Oct. 4. Between July 6 and Sept. 30, ether’s median daily market depth stood at 35%–45% of bitcoin’s, compared with at least 60% in the same period last year.
CoinGecko measured market depth, the value of buy and sell orders available within a specified distance of a token’s current price. Ether had roughly $13 million to $14 million in combined depth within 0.15% of its market price during the period. That measure focuses on orders close to the price and can help show how readily ordinary trades, or larger orders, can be filled without shifting the market price.
CoinGecko described ether’s year-over-year change as “a stark drop from last year’s figures.” It also said ether remained fairly liquid at the measured range, with most exchanges maintaining more than $1 million of depth on each side of the order book. The report’s figures describe market conditions over the study period, not a guarantee of how much liquidity is available at any later moment.
The report found thinner liquidity in other major tokens as well, though it used a different measurement range for Solana’s SOL. SOL’s depth within 2% of its market price fell from about $28 million on each side of the order book last year to around $20 million this year. XRP, by contrast, held roughly $30 million in total depth within 2% during the study period, with close to $18 million in bids and $14 million in asks.
A Rally With Less Near-Price Depth
The difference between price performance and market depth matters because rising prices do not automatically mean a deeper market. Ether’s 70% quarterly gain outpaced bitcoin’s, but CoinGecko’s data indicates that less order value was available close to ether’s price relative to bitcoin than a year earlier. That can affect how smoothly orders are filled, particularly when trading activity rises or a large order meets limited supply at nearby prices.
In a thinner order book, a large buy or sell can consume available orders more quickly and move the market price further. Market depth is only one measure of liquidity, however; these figures do not establish what caused ether’s decline in relative depth or show that every trader faced worse execution. The report does not say ether was untradeable: CoinGecko characterized it as fairly liquid at the 0.15% range it examined.
The comparison also needs care across assets. Ether’s reported depth is measured close to the current price, while SOL and XRP figures cited by CoinGecko use a 2% range. Those ranges capture different trading conditions and should not be treated as directly equivalent measures. For readers tracking the rally, the finding is a reminder that price gains alone do not describe the market’s capacity to absorb orders.
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How CoinGecko Measured Liquidity
CoinGecko’s report compares daily market depth during July 6–Sept. 30, 2026 with the corresponding period a year earlier. Market depth totals the dollar value of buy and sell orders resting on exchanges within a defined distance of the market price. A deeper book generally means more orders are available before trading pushes the price beyond that range; it does not measure every source of liquidity or predict future price moves.
For ether, the report focused on a narrow band of 0.15% from market price, which highlights orders close to the prevailing price. For SOL and XRP, the cited comparison used a wider 2% band. CoinGecko said SOL’s overall liquidity had shrunk considerably since 2025. It also noted that XRP’s market capitalization was about 40% larger than SOL’s even though XRP had less depth within 2% of its price; the firm attributed that difference in part to SOL trading about 25% more than XRP on an average day.
The report’s central contrast is between Q3 returns and order-book conditions: ether gained more than bitcoin over the quarter, while its relative near-price depth was lower than in the comparable period a year earlier. The figures do not show that one development caused the other.
““A stark drop from last year’s figures.””
— CoinGecko
cryptocurrency order book analyzer
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What the Depth Data Cannot Show
The report does not establish why ether’s relative market depth fell, whether the trend continued after Sept. 30, or how conditions differed across individual exchanges and trading times. Its data covers a defined period and compares particular price ranges, so it cannot by itself describe every market participant’s execution or the full liquidity available across trading venues.
CoinGecko also does not claim that thinner depth caused ether’s outperformance, or that the rally depended on reduced liquidity. The figures show two developments occurring over the same quarter: a larger price gain for ether than bitcoin and lower relative near-price depth than in the year-earlier comparison. The relationship between those developments remains unclear.
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Watch Depth After the Quarter
The next useful comparison will be whether ether’s near-price depth holds, recovers or falls further in data covering the period after Sept. 30. Later market-depth readings could help show whether Q3’s relative decline was temporary or persisted, but the source report does not provide a forecast or announce a next publication date.
Readers comparing token liquidity should also check the measurement range and time period used in each update. Ether’s 0.15% depth and the 2% figures for SOL and XRP reflect different portions of order books. Market conditions can change quickly, and the reported depth figures are not a promise of execution quality or an indication of future prices.
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Key Questions
How much did ether and bitcoin gain in Q3?
Ether rose 70% in the third quarter, while bitcoin gained 42%, according to the source report.
What does market depth measure?
Market depth is the dollar value of buy and sell orders available within a stated distance of a token’s market price. Greater depth can mean more orders are available before a trade moves the price beyond that range.
How did ether’s depth compare with bitcoin’s?
From July 6 through Sept. 30, ether’s median daily depth was 35%–45% of bitcoin’s, CoinGecko reported. In the comparable period a year earlier, ether’s depth was at least 60% of bitcoin’s.
Does the report say ether is difficult to trade?
No. CoinGecko said ether remained fairly liquid within 0.15% of its market price, with most exchanges showing more than $1 million in depth on each side. The report did find weaker relative depth than in the year-earlier comparison.
Why can’t the SOL and XRP figures be compared directly with ether’s?
The ether figure cited uses a 0.15% band around market price, while the SOL and XRP figures use a wider 2% band. The measurements describe different parts of the order book.
Source: rss
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