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On-Chain Data Suggests Ether Investors Bought September Dip
Ether's recent price drop has failed to deter investors from accumulating the cryptocurrency, on-chain data indicates.
Updated Sep 14, 2021, 10:00 a.m. Published Sep 25, 2020, 3:47 p.m.
Ether's recent price drop has failed to deter investors from accumulating the cryptocurrency, on-chain data indicates.
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- The second-largest cryptocurrency by market value was trading at $345 on Friday at 15:20 UTC. This represents a 20% decline on a month-to-date basis. Prices reached two-year highs above $480 on Sept. 1.
- While the cryptocurrency has suffered a double-digit price pullback, the number of ether held by top non-exchange addresses has increased by 8% to 27.79 million from 25.54 million, as per data provided by the blockchain intelligence firm Santiment.
- The total amount of ether held by non-exchange addresses has increased by 20% since mid-July.
- "Accumulation during the price drop shows investor confidence in the cryptocurrency's long-term prospects is strengthening," Nicholas Pelecanos, head of trading at NEM Ventures, an investment arm of the NEM blockchain ecosystem, told CoinDesk in a LinkedIn chat.
- Pelecanos expects the trend to continue as the decentralized finance (DeFi) boom shows no signs of slowing down.
- The total value locked in the DeFi applications rose above $9 billion earlier this month, an increase of more than 1,400% year-to-date, according to data source DeBank.
- Ethereum's blockchain dominates the DeFi space, and big investors often self-custody ether on decentralized lending/borrowing platforms to generate additional returns rather than just hold.
- Ether has rallied by 168% so far this year, while bitcoin, which underwent its third mining reward halving in May, has gained 48%.
Also read: Five Years In, DeFi Now Defines Ethereum
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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