Ethereum: Performance and Market Cap in Q3 2025
In the third quarter of 2025, Ethereum showed an interesting performance – with an impressive increase in Total Value Locked (TVL) and a renewed increase in network activity.
Thank you for reading this post, don't forget to subscribe!Price and market value
ETH rose to the $3,500-$4,500 range in the third quarter. Market cap: $420-$540 billion. ETH/BTC ratio (Flippening Watch): 0.035-0.045. ETH is still far from “Flippening” (becoming superior to Bitcoin in market value).
DeFi TVL
Global TVL in DeFi on Ethereum and Layer 2 reached $80+ billion in the quarter. Arbitrum and Base continue to grow at a rapid pace. Lido dominates staking with 30%+ of ETH in staking.
Pectra Upgrade: Impact
The Pectra upgrade, which arrived in 2025, improved the wallet experience and staking options. Gas cost in Layer 2 is shockingly low, which increases usage.
Q4 challenges
Ongoing debate: Is ETH “beaten” by Solana? The question of dominance in DeFi and NFT continues. Ethereum is backed by technology, but Solana is backed by experience. Read about upgrading Pectra.
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