Ethereum registers strongest August in four years as mega whales drive surge

Ethereum posted its strongest August performance in four years, with data showing large holders played a decisive role in the rally.

According to CoinGlass data, ETH gained 18% last month, climbing to a new all-time high of $4,953. It marked the token’s first positive August since 2021, when it advanced more than 35%.

Ethereum Monthly Price Performance Since 2021. (Source: CoinGlass)

Since then, every August has closed in negative territory, highlighting how significant this year’s reversal was for the second-largest crypto.

Glassnode data shows that so-called “mega whales,” entities holding 10,000 or more Ethereum, were the main drivers of last month’s rally. Their cumulative net inflows peaked at 2.2 million ETH over 30 days, before their buying momentum leveled off.

Ethereum Mega Whales Accumulation (Source: Glassnode)

At the same time, mid-sized whales with balances between 1,000 and 10,000 ETH appear to have shifted back into accumulation. After several weeks of distribution earlier this year, these investors recorded a net inflow of 411,000 ETH over the past 30 days.

Ethereum Large Whales Accumulation (Source: Glassnode)

While the pause in mega whale accumulation could signal caution ahead, the return of large buyers points to continued institutional and high-net-worth interest in the digital asset.

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