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Ethereum’s native token Ether (ETH) significantly outperformed Bitcoin (BTC) in the third quarter, but declining crypto market liquidity made the asset increasingly difficult to trade without affecting its price.
Ether gained 70% during the quarter, compared with Bitcoin’s 42% increase. Despite the stronger performance, ETH’s median daily market depth between July 6 and September 30 was only 35% to 45% of Bitcoin’s, according to CoinGecko. During the same period in 2025, Ethereum liquidity was at least 60% of Bitcoin’s, highlighting a sharp deterioration in ETH order-book depth.
Market depth measures the value of buy and sell orders available near an asset’s current market price. Greater depth generally allows traders to execute larger transactions with less price impact, while thinner liquidity can amplify price movements when sizable orders enter the market.
CoinGecko found that Ether had roughly $13 million to $14 million in market depth within 0.15% of its price. This represents the amount of liquidity available close to the prevailing price before trades could move ETH by approximately 0.15%.
The decline challenges the assumption that rising cryptocurrency prices automatically attract enough trading activity to deepen order books. Still, CoinGecko said Ethereum remains relatively liquid, with most exchanges maintaining more than $1 million in depth on both sides of the market within the 0.15% range.
Ethereum is not alone in experiencing weaker liquidity. Solana (SOL) has also seen market depth deteriorate considerably compared with 2025. SOL liquidity within 2% of its market price declined from about $28 million on each side of the order book last year to roughly $20 million this year.
Meanwhile, XRP maintained approximately $30 million in total market depth. Its order books favored buyers, with nearly $18 million in bids compared with $14 million in asks.
Despite XRP having a market capitalization roughly 40% larger than Solana’s, SOL maintains greater depth within 2% of its price. CoinGecko attributed the difference partly to Solana recording about 25% more average daily trading volume than XRP.
