Recently, Ethereum's performance has been remarkable, with its price rising by 25% since early August. However, historical data seems to douse this optimism with cold water. Some analyses indicate that September is usually not very friendly to Ethereum after Bitcoin Halving.

Currently, the trading price of Ethereum has reached $4,759, an increase of about $952 from $3,807 on August 1. An important driver of this surge is the dovish remarks made by Federal Reserve Chairman Powell at the Jackson Hole conference, which directly pushed the price to break through the $4,867 mark.

However, historical data shows a concerning trend. Since 2016, Ethereum has averaged a decline of 6.42% in September. Particularly in 2017, after a 92.86% increase in August, it fell by 21.65% in September. Similar patterns were observed in 2020 and 2021.

Nevertheless, September 2023 may break this pattern. Some new variables have emerged in the market, such as the spot Ether ETF and the development of the Ethereum Treasury Company. As of August 11, the total asset value held by the Ethereum Treasury Company has exceeded $13 billion, which undoubtedly injects new vitality into the market.

Another trend worth noting is that in August, the net inflow of spot Ethereum ETFs was approximately $2.79 billion, while the net outflow of spot Bitcoin ETFs was about $1.2 billion during the same period. This caused Bitcoin's market share to decline by 5.88%, dropping to 58.19%.

Although historical data has provided warnings, emerging market factors may change the game. Investors need to weigh these factors while staying vigilant. Regardless, Ethereum's position and influence in the cryptocurrency market are undoubtedly increasing.