The CoinGecko Q3 report is here: Total crypto market cap surged 39.6% in the third quarter, adding $840.1 billion to close at around $3 trillion—its strongest quarter since Q4 2024—though it’s still down 4% year to date. The biggest winner was $ETH , up 71% for the quarter to $2,684. Spot ETFs saw $3.1 billion in net inflows in Q3, wiping out all the outflows from the first half of the year. $HYPE also surged to $98, setting a new all-time high. Here’s the twist: prices soared, but trading volume fell. Average daily trading volume was down 8.6% quarter over quarter to $73.3 billion, while spot volume on the top 10 CEXs fell 14.2% to $1.65 trillion. Open interest, meanwhile, rose 40.6%, moving back above $100 billion at quarter-end for the first time since Q3 2025. Leverage is returning faster than real money—is this rally built on a solid foundation? #加密市场 #Q3Report