"state or condition of being between; intermediate condition," 1760, a jocular formation, perhaps coined by Horace Walpole, from between + -ity.
Entries linking to betweenity
between prep., adv.
Middle English bitwene, from Old English betweonum, Mercian betwinum, "in the space which separates, midway, in the midst, among; by turns," from bi- "by" (see by) + tweonum dative plural of *tweon "two each" (compare Gothic tweih-nai "two each;" from PIE root *dwo- "two").
Between is literally applicable only to two objects; but it may be and commonly is used of more than two where they are spoken of distributively, or so that they can be thought of as divided into two parts or categories, or with reference to the action or being of each individually as compared with that of any other or all the others. When more than two objects are spoken of collectively or in divisibly, among is the proper word. [Century Dictionary]
In all senses, between has been from its earliest appearance, extended to more than two. [OED]
Between a rock and a hard place "caught in a dilemma, in a difficult situation" is from 1940s, originally cowboy slang (earlier was between the beetle (hammer) and the block, late 19c.). Between-whiles "at intervals" is from 1670s.
-ity
word-forming element making abstract nouns from adjectives and meaning "condition or quality of being ______," from Middle English -ite, from Old French -ete (Modern French -ité) and directly from Latin -itatem (nominative -itas), suffix denoting state or condition, composed of -i- (from the stem or else a connective) + the common abstract suffix -tas (see -ty (2)).
Roughly, the word in -ity usually means the quality of being what the adjective describes, or concretely an instance of the quality, or collectively all the instances; & the word in -ism means the disposition, or collectively all those who feel it. [Fowler]