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ETH 
SOL ETH prices surpass BTC, but liquidity depth is not as deep as
In the third quarter of 2026, Ether outperformed Bitcoin, but this rise is accompanied by a significant worry: market liquidity has shrunk significantly compared with its larger competitors. During the quarter, the price of Ethereum rose by 70%, more than Bitcoin's 42%.
However, behind these eye-catching data, the market situation of Ethereum is more complicated. From July 6 to September 30, ETH's average daily market depth averaged only 35% to 45% of Bitcoin, compared with more than 60% in the same period last year. CoinGecko described it as "a sharp drop compared to last year's figures."
Market depth is a standard measure of how easy an asset is to trade without significantly affecting prices. It captures the total dollar value of buy and sell orders pending on the exchange within the current price setting range. The deeper the market, the more money is needed to move prices; and when the market is shallower, large orders have a more violent impact on prices.
Liquidity remains sufficient, but the gap is widening
During the quarter, Ethereum's market depth within 0.15% of its market price remained between US$13 million and US$14 million. This level of depth is critical for daily transactions and for large orders that need to be completed without triggering significant price fluctuations.
CoinGecko pointed out that despite the relative decline, ETH is not in trouble. "Within this range [i.e. within 0.15% of the market price]，ETH仍保持相当高的流动性，大多数交易所每侧的深度均超过100万美元。”CoinGecko表示。
相比之下，比特币的订单簿已大幅扩张。比特币的买单和卖单深度分别增至约2900万美元和3700万美元，比2025年高出约50%，而每个交易所的ETH深度仅维持在1300万至1400万美元左右。
ETH并非唯一面临市场流动性缩减的主要代币。作为ETH主要竞争对手的Solana（SOL），其流动性也有所收缩，尽管CoinGecko对其测量范围较宽。除BTC外，2026年前五大主流加密资产的流动性普遍低于2025年水平。
价格表现与流动性深度之间的背离提醒我们，代币价格上涨并不总是意味着市场结构更加健康。对于调动巨额资金的机构投资者而言，即使市场情绪看似看涨，较薄的订单簿也可能导致更高的执行成本。
