Ether beat bitcoin in Q3, but CoinGecko data shows its order books got thinner
In brief
- Ether rose 70% in Q3, beating bitcoin's 42% gain, CoinDesk reported.
- Ether's median daily depth was 35% to 45% of bitcoin's from July 6 to Sept. 30, per CoinGecko.
- Ether's depth was at least 60% of bitcoin's in the same period a year earlier.
- SOL depth within 2% fell from about $28 million per side to around $20 million.
- XRP total depth held steady at around $30 million, per CoinGecko.
Ether's depth slipped against bitcoin
Market depth is the standard way to measure liquidity. It's the total dollar value of buy and sell orders sitting on exchanges within a set distance of the current price, and on that measure ether lost ground against bitcoin last quarter.
CoinGecko's report put ether's median daily depth at 35% to 45% of bitcoin's between July 6 and Sept. 30. A year earlier, the same window showed at least 60%. The data firm described the decline as a stark drop from the prior year's figures.
Ether isn't illiquid, though. It had $13 million to $14 million in order-book depth within 0.15% of its market price, CoinGecko said.
"ETH remains fairly liquid at this range [within 0.15% of the market price], with most exchanges maintaining over $1 million in depth on each side," CoinGecko said.
SOL thins out, XRP holds steady
Solana's SOL also thinned out. CoinGecko said overall liquidity for SOL has shrunk considerably since 2025, with depth within 2% of the market price falling from about $28 million on each side of the order book last year to around $20 million this year.
XRP held steady at around $30 million in total depth. Its order books leaned toward buyers during the study period, with close to $18 million in bids against $14 million in asks.
There's a wrinkle, too. XRP's market cap is about 40% larger than SOL's, yet it has less depth within 2% of the price. CoinGecko attributed the gap to SOL trading 25% more than XRP on an average day.
What it means for the rally narrative
CoinDesk wrote that the data undercuts a popular idea in markets: that rising prices pull in more traders, and more traders mean deeper order books.
Ether's 70% quarter is the test case. Its price ran well ahead of bitcoin's, but its depth relative to bitcoin went the other way, according to CoinGecko's figures.
Frequently asked questions
What is market depth in crypto markets?
Market depth is the standard way to measure liquidity. It's the total dollar value of buy and sell orders sitting on exchanges within a set distance of the current price.
How did ether's liquidity compare with bitcoin's in the third quarter?
From July 6 to Sept. 30, ether's median daily market depth was 35% to 45% of bitcoin's, according to CoinGecko. In the same period a year earlier, it was at least 60%. CoinGecko described the decline as a stark drop from the prior year's figures.
Why does SOL have more depth than XRP despite a smaller market cap?
XRP's market cap is about 40% larger than SOL's, yet XRP has less depth within 2% of the price. CoinGecko attributed the gap to SOL trading 25% more than XRP on an average day.
