#ethup70%inq3butliquidityfalls
😂 ETH gained 70%. So why does its liquidity look thinner?
That sounds bearish.
But the data tells a more interesting story. 👀
ETH surged about 70% in Q3, far outpacing BTC’s 42% gain.
Yet ETH’s median daily order book depth was only about 35–45% of BTC’s, compared with at least 60% a year earlier.
Here’s the number most people miss:
ETH still had around $13–14M in depth within ±0.15% of its price.
So ETH hasn’t necessarily become “illiquid.”
BTC has simply gained a lot of depth.
BTC’s comparable depth reached around $29M on the bid and $37M on the ask, after rising about 50%.
And here’s the twist:
ETH attracted around $3.1B in spot ETF inflows in Q3, but much of that capital never shows up in the centralized exchange (CEX) limit order books being measured.
So ETH can rally strongly even while exchange liquidity remains relatively thin.
That matters because large orders can move ETH more sharply in either direction.
🧠 Key takeaway:
A thinner order book doesn’t predict market direction—it amplifies the move.
So what will matter more for ETH going forward: fresh capital or deeper liquidity? 👀
#Ethereum #Crypto #Liquidity #DeFi
$ETH
$RLC
$RAD
😂 ETH gained 70%. So why does its liquidity look thinner?
That sounds bearish.
But the data tells a more interesting story. 👀
ETH surged about 70% in Q3, far outpacing BTC’s 42% gain.
Yet ETH’s median daily order book depth was only about 35–45% of BTC’s, compared with at least 60% a year earlier.
Here’s the number most people miss:
ETH still had around $13–14M in depth within ±0.15% of its price.
So ETH hasn’t necessarily become “illiquid.”
BTC has simply gained a lot of depth.
BTC’s comparable depth reached around $29M on the bid and $37M on the ask, after rising about 50%.
And here’s the twist:
ETH attracted around $3.1B in spot ETF inflows in Q3, but much of that capital never shows up in the centralized exchange (CEX) limit order books being measured.
So ETH can rally strongly even while exchange liquidity remains relatively thin.
That matters because large orders can move ETH more sharply in either direction.
🧠 Key takeaway:
A thinner order book doesn’t predict market direction—it amplifies the move.
So what will matter more for ETH going forward: fresh capital or deeper liquidity? 👀
#Ethereum #Crypto #Liquidity #DeFi
$ETH
$RLC
$RAD
