Ether gained nearly 70% in the third quarter of 2026, outrunning Bitcoin's roughly 42% climb, but CoinGecko data shows the liquidity under that rally thinned sharply. Separately, Ethereum's staking exit queue has surged after MetaMask pulled validators following a security incident, even as the queue to start staking has eased.
Ether outpaces Bitcoin, but on a shallower book
Ether's native token surged nearly 70% in the third quarter, comfortably ahead of Bitcoin's roughly 42% gain over the same stretch. A CoinGecko analysis covering July 6 to September 30 found ether outpaced Bitcoin by close to 28 percentage points on price, yet the exchange liquidity backing that move shrank instead of growing with it.
CoinGecko measured median daily market depth within ±0.15% of the mid-price across eight major exchanges. By that measure, ETH's depth now sits at only 35% to 45% of Bitcoin's equivalent level, down from at least 60% in the comparable period of 2025. In absolute terms, ETH's depth in that tight band averaged around $13 million to $14 million.
Most venues still held more than $1 million in depth on both sides of the book, so retail-sized trades are unlikely to notice a difference. But with less resting near the current price, larger orders must reach further up or down the book to fill, pushing the price around more than they otherwise would.
ETF inflows, not deeper books, look like the driver
Rising prices and volumes usually come with deeper liquidity, but ether's quarter broke that pattern. CoinGecko found Solana showed a similar liquidity decline over the period, while XRP's depth held steady and tilted toward buyers. The research points to returning ETF demand as the likely driver: net inflows into US spot ETH ETFs reached approximately $3.1 billion, a reversal after outflows earlier in the year. Fund flows push prices higher without necessarily adding resting orders to the books CoinGecko tracks.
Staking exit queue hits its longest stretch of 2026
Ethereum's staking exit queue has separately hit its longest stretch of 2026. About 786,000 ETH, worth just over $2 billion, was waiting to exit as of Monday, with an estimated wait of nearly 14 days, after MetaMask began withdrawing validators following a security incident on its wallet last week. MetaMask said it found no evidence that wallets or customer funds were affected.
Demand to start staking has cooled in the same window: about 1.5 million ETH, worth roughly $4 billion, was waiting to enter, with an estimated wait near 25 days, down from about 2 million ETH and a 35-day wait in early September. Lido expects the withdrawn ether to be gradually restaked, a process it says could take up to 45 days.
Sources: Crypto Briefing, CoinDesk
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