The performance of Ethereum, over the past six months has been a hot topic, as it has outperformed bitcoin (BTC) and positioned itself as one of the preferred alternatives for the institutional sector.
For analysts at the on-chain analytics firm CryptoQuant, ETH is experiencing "one of the strongest cycles" in its history. This is driven by large investors, as well as the growth in staking and activity on the protocol's own chain, created in 2015.
The analysis notes that ETH ETFs traded in the United States, along with whale accumulation and the increasing use of smart contracts, reinforce its role as an investment asset and settlement layer.
The figures show a significant upswing. Ethereum fund holdings have doubled since April 2025, reaching 6.5 million ETH. In addition, whale wallets, with balances between 10,000 ETH and 100,000 ETH, hold more than 20 million coins.
CryptoQuant warns that this scenario confirms the participation of "smart money" in the market, but also limits immediate growth potential, given that much of that capital is already positioned.
Staking hits another all-time high. The total amount of ETH staked now stands at 36.2 million units, reducing the circulating supply and adding upward pressure. However, this move also locks up capital, which could slow further inflows if the price doesn't maintain momentum, the firm explains.
The amount of ETH staked has grown significantly. Source: CryptoQuant.
In parallel, network activity is expanding. Transactions and active addresses reached all-time highs, with 51.7 million transactions recorded in August alone. Likewise, smart contract invocations surpassed 12 million per day for the first time, cementing Ethereum's position as the leading programmable settlement layer.
Meanwhile, exchange data points to less selling pressure. Inflows have decreased since ETH hit $5,000, suggesting confidence in greater price stability, analysts say.
Even so, CryptoQuant specialists emphasize that the key resistance for the price would be located around USD 5,200, a level that acts as a ceiling.
However, with ETH trading around $4,400, analysts see a period of consolidation likely in the short term, especially if there is no decisive breakout of that zone.
