According to the CoinGecko Q3 2026 report, the crypto market capitalization increased by 39.6%, reaching nearly $3 trillion. Despite this growth, spot trading volume on the ten largest centralized exchanges fell by 14.2% compared to the previous quarter, totaling $1.65 trillion.
The report highlights a surge in leveraged trading, with open interest on the ten largest perpetual futures exchanges rising by 40.6% to $102.2 billion. This level of open interest was last recorded between May and November 2025, a period that included a significant market selloff on October 10.
During the October 10 event, triggered by tariff threats, the market saw over $19 billion in forced liquidations. Bitcoin and Ethereum prices dropped by 14.5% and 12.2% respectively as leveraged positions were closed automatically, accelerating the downward trend.
Ethereum experienced a 71% price increase in Q3, reaching $2,684, supported by $3.1 billion in US spot ETF inflows. However, the average daily trading volume for Ethereum declined by 23.2% to $11.5 billion, indicating lower activity despite the price rally.
