Ether outperformed Bitcoin in Q3, but liquidity diminished, as reported by CoinGecko.
By Omkar GodboleOct 4, 2026, 11:50 p.m. EDT2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Liquidity for Ether decreased compared to Bitcoin, according to a recent report. (Claudia Wollesen/Pixabay)SummaryShow- Ether’s price increased more than that of Bitcoin in the third quarter.
- However, its liquidity became thinner relative to Bitcoin, as noted by CoinGecko.
- XRP exhibited a bullish liquidity trend, CoinGecko also reported.
In the third quarter, Ethereum's ether ETH$2,719.61 saw a price increase exceeding that of Bitcoin BTC$86,070.97. Despite this, trading became more challenging due to reduced liquidity, which refers to the ease of buying and selling a token without affecting its price.
Ether's price jumped by 70% during the quarter, surpassing Bitcoin's 42% rise. However, from July 6 to September 30, its median daily market depth was only 35% to 45% of Bitcoin's, as per a report from CoinGecko. Last year during the same timeframe, it was at least 60%. CoinGecko described this as "a stark drop from last year's figures."
Market depth is a common metric used to assess liquidity. It represents the total dollar value of buy and sell orders on exchanges within a specific range of the current price. A deeper market means it takes more capital to influence the price. Conversely, a thin market allows large orders to quickly consume available orders, pushing the price further.
During the reported period, Ether's market depth was between $13 million and $14 million within 0.15% of its market price. This indicates the amount of money in orders close enough to the current price that clearing them would shift Ether by just 0.15%. This depth is particularly significant for routine trades and substantial orders that traders wish to execute without impacting the market.
This data contradicts the widely held belief that rising prices attract more traders, thus creating deeper order books. In the case of Ether, this did not occur.
Nonetheless, trading Ether remains relatively straightforward.
"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 reported.
Moreover, Ether is not alone in facing liquidity challenges among major tokens.
Solana's SOL, which competes closely with Ether, has also seen a decline in liquidity, although CoinGecko evaluated it over a broader range. "Overall liquidity for SOL has significantly decreased since 2025," the firm noted.
SOL's market depth within 2% of the market price fell from approximately $28 million on each side of the order book last year to around $20 million currently. This measure indicates how much capital exists in orders situated further from the current price, reflecting the market's capacity to absorb buying or selling pressure before significant price shifts occur, such as those seen during a rapid rally or sell-off. While Ether's liquidity issues are evident at the price level, SOL's challenges manifest in its ability to manage larger price fluctuations.
XRP, focusing on payments, maintained a total depth of about $30 million. However, its order books showed a buyer bias during the study period, with nearly $18 million in bids compared to $14 million in asks.
Despite XRP’s market cap being roughly 40% larger than SOL's, it has less depth within 2% of the price due to SOL trading 25% more on average daily, according to CoinGecko.
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