Ethereums Summer Movements - Crypto Daily
While Part 1 mapped where capital sat as of early 2026, this analysis picks up the thread in June – when the summer cycle began – and traces how that capital actually moved through June 1 to September 1. Over the summer, the Aggregated Top-10,000 finished $13.9B richer – while holding almost 0.9M less ETH. At the same time, Ethereum staking added 3.6M ETH. The same season, two opposite directions. That is the starting point of this analysis: the summer rebound was not simply capital returning. It was capital changing form, use, and concentration. This study utilizes the Aggregated Ethereum Address Rich List, built on the totalBalanceUsd metric, which aggregates the dollar valuation of ETH, ERC-20 tokens, and stablecoins. This approach is fundamentally different from traditional rankings, which historically ranked holders solely by ethBalanceUsd. Top-10,000 figures refer to monthly ranking snapshots; the address set may change between dates. Token contracts are excluded from the ranking. Richer in dollars, poorer in ETH The dollar value of the Aggregated Top-10,000 traced a V-shaped arc: $339.3B on June 1, a trough of $293.7B on July 1, then a recovery to $303.8B in August and $353.2B by September 1. A $13.9B net gain over the season. However, their holdings









