Ethereum just wrapped up its third quarter with a roughly 66.55% gain, making it the network’s best Q3 since 2016 and the third strongest in its history. For context, the previous standout Q3 was 2020’s “DeFi summer,” which delivered a 59.5% return.
The performance is even more striking when you compare it to Bitcoin, which managed a comparatively sleepy 6-10% gain over the same period.
What drove the rally
Three major catalysts converged to push Ethereum higher through July, August, and September.
First, spot Ethereum ETFs became a vacuum for capital. Net inflows across these products surpassed $10 billion cumulatively, with nearly $4 billion pouring in during August alone.
