With each September 2 weekly report from Cryptoquant, Ethereum’s latest uptrend from around $1,400 to nearly $5,000 in April unfolded along with heavy allocations of funds and whale accumulation, withdrawal of exchange deposits, and peaks across transactions, addresses, and smart contract calls.
Ethereum trades transactions below the $5,200 realised price range, using fund holdings and on-chain hit records.
This report constitutes the next stage on whether prices can clear the top band of realized prices that are less advanced than previous progress.
According to Cryptoquant, Ethereum Fund Holdings, driven primarily by US spot ETFs, has reached 6.7 million ETH, nearly doubled since April. The address added 10,000-100,000 ETH over the same period, with around 6 million ETHs, and this cohort currently has 20.6 million ETHs, a new high.
The sharing of “smart money” built into these balances already has a key part of demand in place, compressing the room for heavy lifting without a fresh flow. The two-page chart in the report shows both the fund holding curve and the cohort balance.
The staking climbed in parallel.
Since May, the total number of ETH piles has been around 36.2 million. Rising voter counts reduce circulating supply and support closer floats, but also quarantine capital that meets new demand when prices fade.
The combination of low floats and higher commitments from validators can help explain why spot market pressure can be alleviated even when prices are integrated.
On-chain throughput has been increased. On August 16th, daily total transactions peaked at around 1.7 million people, and on August 5th, active addresses reached around 800,000 with new highs per network dashboard. Smart Contract Call marked the heaviest program use of the base layer to date, surpassing 12 million daily for the first time.
Increased use across Defi, Stablecoin transfers, and token activities strengthen the role of the settlement layer that builds fee revenue and supports the Eth cash flow and utility narrative. As activity cools, volatility often continues when you discover the correct multiple at low throughput with low prices.
The supply pressure on the spot side has been reduced.
Cryptoquant’s Exchange-Inflow series shows deposits at intensive venues falling to around 750,000 ETH per day after prices rose in early September from around 1.8 million ETH in mid-August.
Usually there are few coins to move to exchange, and usually alongside thin realised sales. Low inflows can also match quiet order books, so once the catalyst lands, the price can make more travel with fewer trades.
The technical fulcrum is the top band with a realised price of nearly $5,200. The standard ciphers cite this level as a region that has made repeated progress again from 2020 to early 2024, between 2020 and 2021. ETH trades around $4,400 in the report window, making the market a step below the threshold with a suspended record.
That zone will shift transactions to territory where on average realised holders will have a deeper profit on average and where supply capacity will depend more heavily on whether new inflows will outweigh the long-term distribution.
Flow Images provide a simple checklist for the coming weeks.
Fund holdings are already record-breaking, so progressive net creation is more important than absolute size. As the whale cohort holds ETH of over 20 million, the addition of nets from this group carries greater weight than retail and retail churn.
As staking is ETH of 36 million, acceleration or deceleration of the varictol deposits will change the liquid float on the edge. Exchange inflows are suppressed compared to August, so see if the series remains compressed or if the price revisits previous highs. All four lines are displayed across report holdings, staking, networks and influx charts.
In the context of assessment, encryption links the April-September advances with a dual engine of institutional participation and chain throughput. Its framing paints top-down demand captures for ETFs with bottom-up payment use across defi and tokens.
It also leaves a period when the activity exceeds the price and vice versa. In these phases, realized bands and replacement flow gauges can help separate integration from distribution, especially when positioning is already heavy, among large owners.
So, the short-term setup revolves around whether ETH will step into a second attempt in a band that has been realized, providing a large portion of the signal about whether the cycle is staying paced or paused, with funding, whales, staking and activity.
According to the report, the top bands with realised prices of nearly $5,200 remain at the level of focus.
