Ethereum just delivered a huge quarter.
$ETH gained ~70% in Q3, compared with roughly 42% for $BTC — its strongest Q3 performance in years.
But here’s the part traders shouldn't ignore:
📉 ETH's median daily market depth fell to just 35%–45% of Bitcoin's, versus 60%+ during the same period last year.
That means the rally happened while ETH's order books became relatively thinner.
And thinner liquidity can work both ways:
🚀 Less capital may be needed to push price higher.
⚠️ But large sell orders can also create sharper drops and more slippage.
ETH still has meaningful liquidity — around $13M–$14M within 0.15% of price — so this isn't a liquidity crisis.
For me, the key question now is:
Can ETH maintain its Q3 momentum while liquidity rebuilds?
Strong price ≠ strong market depth.
#ethup70%inq3butliquidityfalls #ETH #Ethereum #BTC #crypto
