Ethereum onchain activity is back in focus as institutional appetite intensifies and whale behavior turns mixed. The network’s improving fundamentals emerge alongside fresh capital flows into spot products, potentially setting the stage for volatility.
ETF inflows tilt toward Ethereum
According to the source, Ethereum onchain activity coincides with notable demand for spot ETFs. Ethereum Spot ETFs recently outpaced Bitcoin ETFs in daily inflows, with $360 million on September 15 and another $213 million on September 18. This shift suggests growing institutional interest, although it may not translate into immediate price gains.
Meanwhile, whale cohorts added a twist. Addresses holding 10,000–100,000 ETH offloaded roughly 90,000 ETH—about $500 million—in the last 48 hours, contributing to short-term selling pressure. As a result, the market may see choppy sessions even as ETF inflows remain firm.
Throughput jumps as fees fall
Network metrics for Ethereum onchain activity have strengthened. Transaction throughput (TPS) has surged by 61.5% year over year. At the same time, average transaction fees have become nearly ten times cheaper, improving user experience and potentially supporting higher onchain volumes.
Accumulation trends are also notable. Since June 2025, ETH held by accumulating addresses has more than doubled to almost 28 million, according to the source. However, recent whale selling tempers the near-term outlook, creating a push-pull between long-term holders and profit-taking wallets.
What to watch next
Looking ahead, several factors could guide the near-term path:
• Whether ETF inflows persist relative to Bitcoin.
• If whale distribution continues or reverses.
• How lower fees sustain onchain activity.
For background on ETFs and market cycles, see this primer from Binance Academy. And if you want a refresher on fiat-pegged assets and why they matter for liquidity, read our guide on how stablecoins work.
