Ethereum closed the third quarter with an approximately 66.55% gain, its best Q3 performance since 2016 and the third strongest in its history. This rally was driven by three key factors: spot Ethereum ETFs attracted over 10 billion dollars in cumulative net inflows, corporate treasury purchases exceeded 15 billion dollars in ETH, and total value locked in DeFi protocols reached approximately 88 billion dollars. ETH traded above 4,000 dollars and approached the 5,000-dollar level without hitting a new all-time high. Bitcoin, by contrast, managed only a 6-10% gain over the same period. This cycle stands apart from prior ones due to the dominance of regulated institutional players, such as ETFs and corporate treasury allocations.
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