Ethereum Jumps 70% in Third Quarter Even as Order-Book Liquidity Shrinks to 35%-45% of Bitcoin's

Ethereum surged 70% in the third quarter, outpacing Bitcoin's gain, but exchange order-book liquidity shrank sharply from a year earlier.

CoinDesk reported on October 5, citing a CoinGecko report, that Ethereum's median daily market depth from July 6 to Sept. 30 was just 35% to 45% of Bitcoin's. That compares with at least 60% in the same period last year.

Ethereum rose 70% over that stretch, far ahead of Bitcoin's 42% advance. While rising prices and heavier trading activity typically help improve order-book liquidity, Ethereum's latest rally did not lead to deeper market depth, according to the report.

Market depth is a liquidity gauge that measures the total value of buy and sell orders placed within a set range around the current price. The shallower the market depth, the more likely large trades are to trigger bigger price swings.

Ethereum's market depth within a ±0.15% range of the current price was estimated at $13 million to $14 million. CoinGecko said Ethereum still has substantial liquidity in that range, with most exchanges maintaining more than $1 million in market depth on both the bid and ask sides.

Solana also posted a decline in liquidity. Its market depth within a ±2% range of the current price fell to about $20 million this year from roughly $28 million on both the bid and ask sides of the order book last year. CoinGecko said Solana's overall liquidity has contracted significantly since 2025.

By contrast, XRP's total market depth remained relatively stable at about $30 million. During the period surveyed, buy orders totaled about $18 million and sell orders about $14 million, indicating thicker liquidity on the bid side.

According to CoinGecko, XRP's market capitalization is about 40% larger than Solana's, but its market depth within a ±2% range was lower. Solana's average daily trading volume is about 25% higher than XRP's, a difference the report said likely contributed to the gap.