#ethup70%inq3butliquidityfalls
😂 ETH gained 70%. So why does its liquidity look weaker?
That sounds bearish.
But the data tells a more interesting story. 👀
ETH jumped roughly 70% in Q3, crushing BTC’s 42% gain.
Yet ETH’s median daily order-book depth was only around 35–45% of BTC’s, versus at least 60% a year earlier.
Here’s the number most people miss:
ETH still had roughly $13–14M of depth within ±0.15% of price.
So ETH didn’t necessarily become “illiquid.”
BTC simply got much deeper.
BTC’s comparable depth reached roughly $29M on bids and $37M on asks, after gaining about 50%.
And here comes the plot twist:
ETH attracted around $3.1B in spot ETF inflows during Q3, yet much of that capital never sits inside the CEX limit-order books being measured.
So ETH can rally hard while exchange liquidity remains relatively thin.
That matters because large orders can move ETH more aggressively in either direction.
🧠 Square Insight:
A thinner order book doesn’t predict direction — it amplifies the move.
So what matters more for ETH next: fresh capital or deeper liquidity? 👀
#Ethereum #Crypto #Liquidity #DeFi $ETH
😂 ETH gained 70%. So why does its liquidity look weaker?
That sounds bearish.
But the data tells a more interesting story. 👀
ETH jumped roughly 70% in Q3, crushing BTC’s 42% gain.
Yet ETH’s median daily order-book depth was only around 35–45% of BTC’s, versus at least 60% a year earlier.
Here’s the number most people miss:
ETH still had roughly $13–14M of depth within ±0.15% of price.
So ETH didn’t necessarily become “illiquid.”
BTC simply got much deeper.
BTC’s comparable depth reached roughly $29M on bids and $37M on asks, after gaining about 50%.
And here comes the plot twist:
ETH attracted around $3.1B in spot ETF inflows during Q3, yet much of that capital never sits inside the CEX limit-order books being measured.
So ETH can rally hard while exchange liquidity remains relatively thin.
That matters because large orders can move ETH more aggressively in either direction.
🧠 Square Insight:
A thinner order book doesn’t predict direction — it amplifies the move.
So what matters more for ETH next: fresh capital or deeper liquidity? 👀
#Ethereum #Crypto #Liquidity #DeFi $ETH
