Ethereum rose nearly 70% in Q3, easily outperforming $BTC ’s 42%. But what’s truly strange is that the more sharply the price rose, the thinner order-book liquidity became.
CoinGecko data shows that from July 6 to September 30, the median market depth for $ETH was only 35% to 45% of BTC’s. During the same period last year, that figure was still above 60%. Put simply, ETH looks strong now, but the order book isn’t as deep as it used to be. If large players start buying or selling in force, prices may move faster than before, and volatility could be greater.
So what’s really worth watching in Q4 isn’t just whether ETH can keep rising, but whether **liquidity will return as prices rise.** Is a rally without liquidity support a sign of strength, or is it setting the stage for violent volatility down the road?
What do you think—will ETH continue to outperform BTC in Q4, or will liquidity issues flare up first?
$ETH #以太坊Q3涨70%流动性下降
CoinGecko data shows that from July 6 to September 30, the median market depth for $ETH was only 35% to 45% of BTC’s. During the same period last year, that figure was still above 60%. Put simply, ETH looks strong now, but the order book isn’t as deep as it used to be. If large players start buying or selling in force, prices may move faster than before, and volatility could be greater.
So what’s really worth watching in Q4 isn’t just whether ETH can keep rising, but whether **liquidity will return as prices rise.** Is a rally without liquidity support a sign of strength, or is it setting the stage for violent volatility down the road?
What do you think—will ETH continue to outperform BTC in Q4, or will liquidity issues flare up first?
$ETH #以太坊Q3涨70%流动性下降
