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BTC 
ETH August performed best. Can September continue its rally?
August was the best performing month for the second-largest cryptocurrency this year. Now bulls are looking to September, looking forward to more gains in the next four weeks. The following factors suggest that a new round of rising prices may indeed be in the works.
Positive factors
As of this writing, ETH trading price is approximately US$2380 (data source: CoinGecko), a monthly increase of 28%. Its strong performance was due to the overall market recovery in the second half of August. Looking back, Bitcoin briefly exceeded $81000; for specific catalytic factors, please refer to our detailed article.
ETH itself once surged above $2550, and growing institutional demand suggests it may break through this local high this month. SoSoValue data shows that spot ETH ETFs have had net inflows for 12 consecutive trading days, absorbing more than US$1.5 billion during this period. The last time the fund had such sustained net inflows was in July 2025.
Secondly, the amount of ETH stored on exchanges is declining. Just a few days ago, the number dropped to about 14.9 million, the lowest level since the summer of 2016. Currently, it is about 14.99 million, very close to the previous low. This change shows that investors have abandoned centralized platforms and switched to self-custody, thereby reducing immediate selling pressure.
Finally, let's watch whale activity. X user CW claims that large investors continue to hoard in the current price range, while Arkham recently disclosed that some mysterious market participants have purchased more than $100 million in ETH.
When it comes to whales, BitMine's actions are worth paying attention to. The company has increased its holdings of 53,501 ETH units in the past week, bringing its total holdings to 5,901,112 units, very close to its goal of owning 5% of total Ethereum supply. More interestingly, this is the 65th consecutive week that BitMine has increased its holdings of ETH.
Short factor
Contrary to the bullish signals above, Ethereum's seasonal characteristics suggest that bears may regain the initiative in the next few weeks.
September is traditionally a weak month for cryptocurrencies, with prices closing down in 7 of the past 11 years. What is even more worrying is that August ended with a positive line. Throughout history, there has never been a year in which August and September closed up at the same time. We will wait and see whether 2026 will finally break this negative trend.
