Ethereum [ETH] demonstrated significant growth in the third quarter, increasing by 70.8%, marking its best quarterly performance since the beginning of 2026. This increase surpasses the previous record set in the third quarter of 2025, which was 66.55%. As a result, Ethereum rose above the levels it was at after two weak quarters. In the first quarter of 2026, Ethereum fell by 29.26%, and in the second – by 25.28%. The average quarterly income is 13.20% according to CoinGlass, indicating that the current recovery is significantly stronger than usual. However, forecasts suggest that the fourth quarter of 2026 may be less impressive. The median income for the fourth quarter has decreased to 0.36% compared to the historical average of 16.97%. Therefore, maintaining the current recovery will depend on whether the strong momentum of the third quarter can carry into the new quarter.
Ethereum's strong performance in the third quarter has attracted the attention of large investors (whales). Major holders have begun adjusting their positions in anticipation of further price increases for Ethereum. For example, a wallet associated with Ethereum co-founder Joseph Lubin transferred 133,298 ETH, equivalent to $356.2 million, to a new wallet. Although this transaction was not directly transferred to an exchange, which excludes selling pressure, it indicates a significant capital investment in ETH following the 70.8% increase. Additionally, one of the major holders created a long position in Ethereum worth $40.6 million and a short position in Bitcoin worth $33.62 million. These trades are aimed at capitalizing on Ethereum's strong performance compared to the cryptocurrency fund represented by Bitcoin, which closed the third quarter with a result of 42.71%.
The ETH to BTC ratio changed from 0.0316 to 0.0325 by the end of the third quarter before returning back. Buyers supported the 0.0319 level, allowing the ratio to rise again to 0.0323. This is important because if the ratio continues to rise, it will indicate that investors still prefer ETH over BTC after the quarterly rally. In turn, derivatives positioning also highlights this preference, with Hyperliquid holding over $3.1 billion in open interest in Ethereum. Funding remains moderately positive near 0.00125% per hour, confirming the predominance of long positions without clear signs of overload. Thus, continued ETH purchases may allow the current growth of the ETH to BTC ratio to continue. In conclusion, Ethereum enters the fourth quarter with strong momentum following a record 70.8% growth in the third quarter, but maintaining demand remains crucial.
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