Ethereum (ETH) is poised to close September with a net gain of up to 9.76%, positioning the cryptocurrency for its best monthly performance since 2016, when it gained 13.3% for the month. ETH traded at $2,712.51 as of September 29.
Historically, September has posed challenges for Ethereum, with the token averaging losses of 8.57% during the month. This year's performance marks a significant reversal of that trend, with ETH breaking through several technical milestones and climbing above $2,700 to break previous bearish chart structures.
Derivatives and Exchange Activity
Open interest for ETH reached over $18 billion, with spot demand depleting exchange reserves. On Hyperliquid, ETH open interest surged 2.46% and exceeded $3 billion in notional value, surpassing BTC positions on the platform. Long positions held 65% of Hyperliquid's ETH market, compared to 57% average long positioning across other markets.
Liquidity on Hyperliquid showed distinct separation, with long positions supporting prices down to $2,500 and short liquidity available as high as $2,900. The largest ETH position on the platform was short, valued at $283 million and generating $2.6 million in funding fees.
Accumulation and Staking Growth
Whale activity in spot markets intensified, with one anonymous address accumulating $31 million in ETH from major exchanges. Accumulation addresses collectively held over 23 million ETH, expanding their holdings throughout September.
Staking activity accelerated, with 35.72% of total ETH supply now staked, representing over 43 million coins. Treasuries increased their ETH holdings to 8.49 million coins, with staking becoming a primary focus for corporate treasury management. Bitmine held over 6 million ETH with plans to stake the majority of its holdings.
ETH maintained its position at 0.032 BTC, demonstrating faster recovery compared to Bitcoin. Despite volatility and a liquidation event in October 2025 that required months to overcome, market sentiment remained cautious about declaring a full bull market recovery.
