#ethup70%inq3butliquidityfalls

Ethereum delivered a major Q3 performance, with ETH surging roughly 70% and outperforming Bitcoin’s 42% gain over the same period.

But beneath that rally, Ethereum’s relative market liquidity became thinner.

According to CoinGecko data, Ethereum’s median daily market depth was only around 35%–45% of Bitcoin’s between July 6 and September 30. A year earlier, that ratio was at least 60%.

That means ETH moved higher while its order books became relatively thinner.

Why Does Liquidity Matter?

Market depth measures how much buying and selling activity is available around the current price. When liquidity is thinner, larger orders can have a greater impact on price.

For Ethereum, that creates an important dynamic: strong momentum can coexist with weaker relative liquidity.

This does not automatically make ETH bearish. Instead, thinner liquidity means price reactions could potentially become larger in either direction when significant buying or selling activity enters the market.

What Should ETH Traders Watch?

The combination of a 70% Q3 rally and weaker relative market depth makes liquidity an important metric to monitor alongside trading activity.

The key question is whether Ethereum can maintain its momentum while market depth remains relatively thin, or whether changing liquidity conditions lead to larger price swings.

For traders, $ETH market depth and trading volume remain important metrics to watch as the market moves forward.

$ETH $BTC

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