Ethereum posted its strongest August performance in four years, with data showing large holders played a decisive role in the rally.

According to CoinGlass data, ETH gained 18% last month, climbing to a new all-time high of $4,953. It marked the token’s first positive August since 2021, when it advanced more than 35%.

Since then, every August has closed in negative territory, highlighting how significant this year’s reversal was for the second-largest crypto.

Glassnode data shows that so-called “mega whales,” entities holding 10,000 or more Ethereum, were the main drivers of last month’s rally. Their cumulative net inflows peaked at 2.2 million ETH over 30 days, before their buying momentum leveled off.