CoinDesk
Ether gained 70% in the third quarter, outpacing Bitcoin's 42% rise, but its median daily market depth from July 6 to Sept. 30 was only 35% to 45% of Bitcoin's, CoinGecko found. A year earlier, Ether's depth was at least 60% of Bitcoin's. Within 0.15% of its market price, Ether had about $13 million to $14 million in buy and sell orders.
Why it matters
Market depth measures the value of orders near the current price. Greater depth helps absorb trades without moving the market as much; thinner books mean a large order can consume available liquidity and push prices further. Ether's strong quarterly return therefore did not coincide with a deeper order book, challenging the assumption that rising prices automatically bring more liquidity.
CoinGecko said ETH remained fairly liquid within 0.15% of its market price, with most exchanges maintaining more than $1 million in depth on each side. The figures point to a thinner cushion, not an inability to trade the asset.
Market impact
Solana's SOL also had weaker liquidity, measured over a wider 2% range. Its depth fell from about $28 million on each side of the book last year to around $20 million this year, indicating less capacity to absorb larger buying or selling pressure.
XRP held around $30 million in total depth, with close to $18 million in bids against $14 million in asks during the study period. CoinGecko said SOL trades 25% more than XRP on an average day, helping explain why XRP's market capitalization, about 40% larger than SOL's, does not translate into greater depth within 2% of price. For traders, the comparison shows why quarterly returns alone do not capture how much liquidity stands behind a move.
Frequently asked questions
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How much lower was Ether's market depth than Bitcoin's in Q3?
From July 6 to Sept. 30, Ether's median daily market depth was 35% to 45% of Bitcoin's, CoinGecko found. A year earlier, it was at least 60%.
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What does market depth measure?
Market depth measures the dollar value of buy and sell orders sitting within a set distance of the current price. Deeper books can absorb larger trades with less price movement.
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How much Ether liquidity sat close to its market price?
Ether had about $13 million to $14 million in market depth within 0.15% of its price. CoinGecko said most exchanges maintained more than $1 million on each side.
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How did Solana's order-book depth change?
SOL's depth within 2% of its market price fell from about $28 million on each side last year to around $20 million this year.
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Why did XRP have less depth than SOL despite a larger market cap?
XRP's market capitalization was about 40% larger than SOL's, but CoinGecko said SOL trades 25% more than XRP on an average day, helping explain the depth difference.
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