Ethereum had a monster Q3.
$ETH gained roughly 70% versus Bitcoin’s 42%, but there’s a detail underneath that I think matters more.
Reports suggests that ETH’s order book depth near the market price fell to just 35 - 45% of Bitcoin’s, down from at least 60% a year ago.
So ETH went up hard while its market got thinner.
That cuts both ways.
Large buys can push ETH higher faster, but large sells can hurt just as quickly.
$ETH gained roughly 70% versus Bitcoin’s 42%, but there’s a detail underneath that I think matters more.
Reports suggests that ETH’s order book depth near the market price fell to just 35 - 45% of Bitcoin’s, down from at least 60% a year ago.
So ETH went up hard while its market got thinner.
That cuts both ways.
Large buys can push ETH higher faster, but large sells can hurt just as quickly.
