CoinGecko: Q3 Crypto Market Cap Rebounds 39.6% to $3 Trillion, ETH Up 71%

The rebound's scale matters less than its composition: ETH's outperformance alongside multi-billion spot ETF inflows suggests institutional demand is concentrating in Ethereum rather than spreading broadly across the market. That the market remains down year-to-date despite the strongest quarterly gain in nearly two years frames this as a partial recovery, not a reversal. The open question is whether ETF-driven ETH demand persists if the broader market's quarterly momentum fades, and whether concentration in one asset signals conviction or narrow positioning.