By Isaac • October 5, 2026 11:21 pm •
Ether delivered the stronger headline return in the third quarter. Under the surface, however, the market became less capable of absorbing a large trade without moving the price.
That tension matters because a rally and a healthy market are not always the same thing. Price tells traders where the last deal happened.
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Liquidity tells them how much money can move before the market starts slipping away.
CoinDesk summarized new CoinGecko liquidity data showing that Ether rose 70% during the quarter, beating Bitcoin’s 42% gain. Yet from July 6 through September 30, Ether’s median daily market depth was only 35% to 45% of Bitcoin’s.
A year earlier, that ratio had been at least 60%.
The report put
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