Ethereum's August Price Surge: A Closer Look at On-Chain Data Reveals Surprising Truth
Ethereum's price surge in August was attributed to institutional buying and whale accumulation by some media outlets, but on-chain data tells a different story. During the 31.6% rally from $1,904.14 on August 18 to $2,506.53 on August 27, net DEX buying was only $126.9M, representing about 2.95% of total trading volume.
The analysis by Dune Ethereum using DEX volume data showed that traders bought $2.217B worth of ETH while selling $2.090B during the rally period. This resulted in a net accumulation of just ~57,927 ETH, or approximately 3.14% of the total traded volume.
A closer look at the whale cohorts revealed that wallets with balances over $5M were responsible for a significant portion of the buying, but even they could not account for the huge gains recorded during the rally.