Ether delivered a stronger price performance than bitcoin in the third quarter, but the rally came alongside a notable reduction in the amount of trading liquidity available near its market price.
According to CoinDesk, data from CoinGecko showed ether gained 70% during the quarter, compared with a 42% rise for bitcoin. However, between July 6 and Sept. 30, ether’s median daily market depth was only 35% to 45% of bitcoin’s. During the same period a year earlier, ether’s market depth had been at least 60% of bitcoin’s.
The figures suggest that ether’s advance was not accompanied by a proportionate expansion in the orders available to absorb buying and selling. That matters because a market can rise strongly while still becoming more sensitive to large trades.
What thinner liquidity means for ether
Market depth is a commonly used measure of liquidity. It represents the dollar value of buy and sell orders placed on exchanges within a specified distance of an asset’s current price. A deeper order book generally means larger trades can be completed before the market price moves significantly.
A thinner order book has the opposite effect. A large purchase can consume the available sell orders more quickly, while a large sale can remove nearby bids and push the price lower. The impact is particularly relevant to institutional or otherwise sizeable transactions, although depth close to the current price also matters for regular market activity.
For ether, CoinGecko measured approximately $13 million to $14 million of depth within 0.15% of its market price. In practical terms, that is the approximate value of orders positioned close enough to the prevailing price that using them would move ether by as much as 0.15%.
CoinGecko said ether remained reasonably liquid at this range, with most exchanges retaining more than $1 million in depth on each side of their order books. The data therefore does not indicate that ether became impossible to trade. Rather, it shows that its available liquidity narrowed compared with bitcoin and with ether’s own level in the previous year.
Liquidity also declined for Solana, while XRP favored buyers
Ether was not the only major cryptocurrency to see weaker market depth. CoinGecko said liquidity in Solana’s SOL had also contracted considerably since 2025, although the comparison was made across a wider price range than the ether measurement.
SOL’s depth within 2% of its market price declined from roughly $28 million on each side of the order book last year to about $20 million this year. Depth measured at 2% captures orders farther from the current price and provides an indication of how much buying or selling pressure a market can absorb before a larger price move occurs.
The different measurement ranges highlight two aspects of market liquidity. Ether’s decline was visible in orders very close to its price, which is important for routine trades and execution near the quoted market level. SOL’s reduction was measured across a wider band, indicating less capacity to handle substantial price movements during a sharp rally or sell-off.
XRP presented a different pattern. Its total market depth remained broadly stable at around $30 million, but its order book was tilted toward buyers during the period studied. CoinGecko recorded close to $18 million in bids, or buy orders, compared with about $14 million in asks, or sell orders.
Despite having a market capitalization around 40% larger than SOL’s, XRP had less depth within 2% of its price. CoinGecko attributed that difference to trading activity: SOL still recorded 25% more average daily trading volume than XRP.
Current crypto market picture
Moneyiar market data at 09:29 on Oct. 5, 2026, showed bitcoin trading at $85,873.77, up 0.74% over 24 hours and 3.73% over seven days. Ethereum was at $2,718.82 at 09:28, with a 24-hour gain of 0.60% and a seven-day increase of 2.77%.
The same Moneyiar data showed Audiera (BEAT) at $0.09665, up 28.94% over 24 hours but down 22.33% over seven days, based on data recorded at 03:59 on Sept. 12. ORDI stood at $4.5740, gaining 0.19% in 24 hours and 0.92% over seven days as of 09:29 on Oct. 5.
Ether’s third-quarter performance illustrates why price returns alone do not provide a complete picture of market conditions. A rising token may still have a less resilient order book, meaning the cost and potential price impact of larger trades can change even while headline momentum remains strong.
