Ethereum Trades More Heavily Despite a Thinner Order Book
CoinGecko sees Ether order book depth pull back despite a strong quarterly rally. Solana and XRP also show shifts in liquidity and trading pressure.
Key Takeaways
- Ethereum rose 70% in the third quarter, but liquidity got thinner, so larger orders now have a faster impact on price.
- Ether's median daily market depth was 35% to 45% of Bitcoin's, while a year earlier it was still at least 60%.
- CoinGecko reported that Ethereum exchange balances fell in February 2026 to nearly 15.3 million ETH, a 10-year low.
Ethereum had a stronger price performance in the third quarter than Bitcoin, but it also became harder to trade. According to CoinGecko, liquidity thinned out, which means larger orders can move the price faster.
Ether Loses Depth
Ether rose 70% during the quarter, while Bitcoin gained 42%. Still, Ether's median daily market depth between July 6 and September 30 was only 35% to 45% of Bitcoin's. A year earlier, it was still at least 60%, according to CoinGecko.
The data show that a higher price does not automatically mean a thicker order book. CoinGecko called the drop versus last year sharp. At the same time, Ether was still fairly easy to trade. According to the report, most exchanges still keep more than $1 million (€0.9 million) in depth on each side within 0.15% of the market price.
CoinGecko also reported that Ethereum's exchange balances fell in February 2026 to a 10-year low of nearly 15.3 million ETH. That points to less supply directly available on exchanges, which fits the thinner liquidity seen in the third quarter. That lines up with the falling supply on exchanges, which had already pointed to less ETH directly available.
Solana and XRP in Focus
The liquidity of Solana also declined, although CoinGecko looked at a wider band around the price there. Depth within 2% of the market price fell from about $28 million (€24.9 million) per side last year to around $20 million (€17.8 million) this year. That mainly shows how much buying or selling pressure the market can absorb without the price moving much further.
XRP held about $30 million (€26.7 million) in total depth during the same period. The order books were clearly tilted toward the buy side, with nearly $18 million (€16 million) in bids versus $14 million (€12.5 million) in asks. CoinGecko noted that XRP does have a larger market value than Solana, but less depth within 2% of the price, while Solana still trades more on an average day.
What This Means for Traders
For European crypto traders, this matters because liquidity often decides how smoothly a position can be moved in or out of the market. So a token can rise sharply and still become less deep to trade. That makes order book data, alongside price itself, extra important for larger transactions and for tokens like Ethereum, Solana, and XRP.
