Ethereum gained nearly 70% in Q3 2026, comfortably beating Bitcoin’s roughly 42% climb. According to CoinGecko analysis cited by CoinDesk, the liquidity underneath that rally got noticeably thinner. ETH’s market depth now sits at 35% to 45% of Bitcoin’s, down from at least 60% a year earlier. This contraction is partly explained by $3.1 billion in net inflows into US spot ETH ETFs, which pushed prices higher without necessarily adding depth to the exchange order books tracked by CoinGecko.
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