$ETH Surged 70%
Yet liquidity fell
Something feels off about this rally
Ethereum was on fire in Q3
It surged about 70% in one go
Leaving Bitcoin’s roughly 42% Q3 gain far behind
But there’s one detail
I think is more worth watching than the 70% gain
The higher ETH climbs,
the thinner the order book gets
According to CoinGecko
ETH’s median market depth during Q3 was only 35%–45% of BTC’s
In the same period last year, it was still at least 60%
A very significant drop#以太坊Q3涨70%流动性下降