- Ethereum rose 6.2% to US$3,841 (C$5,442) on September 29, 2026, driven by the Pectra hard fork’s EIP-7702 account-abstraction improvements and record DeFi TVL of US$68.4 billion.
- Daily Ethereum protocol fee revenue hit US$9.3 million, the highest since the Dencun upgrade, while active addresses climbed 18% week-over-week to 682,000.
- Purpose Ether ETF (ETHH-B) and CI Ether ETF (ETHX.B) both surged on the TSX, giving Canadian retail investors OSC-regulated exposure to ETH’s rally without custody risk.
- ETH’s 90-day realized beta to BTC of ~1.35 means downside risk is amplified; elevated perpetual funding rates signal growing leverage that warrants caution.
Ethereum (ETH) gained 6.2% in the 24 hours ending September 29, 2026, touching US$3,841 (C$5,442 at the prevailing USD/CAD rate of 1.4166), its highest close since early August. The move outpaced Bitcoin’s 2.1% advance over the same period, reinforcing ETH’s elevated beta to broad crypto sentiment when institutional catalysts are present. Total value locked across Ethereum-native DeFi protocols hit a record US$68.4 billion, up from US$61.7 billion just one week prior, according to DeFiLlama data.
Pectra Upgrade Fuels On-Chain Activity
The primary catalyst is the full network adoption of Ethereum Improvement Proposal (EIP) 7702, a cornerstone of the Pectra hard fork that reached supermajority client consensus earlier this month. EIP-7702 enables externally owned accounts to temporarily behave like smart contracts, dramatically simplifying user onboarding and gas fee batching. Daily active addresses on Ethereum rose 18% week-over-week to 682,000, while protocol fee revenue climbed to US$9.3 million per day — the highest reading since the Dencun upgrade in March 2024. Lido Finance, the leading liquid-staking protocol, saw its staked ETH balance cross 10.2 million tokens for the first time.
Solana and AVAX Ride the Sector Rotation
Ethereum’s breakout triggered visible rotation into other Layer-1 altcoins. Solana (SOL) added 4.7% to reach US$198.40 (C$281.10), supported by a 90-day high in Solana DEX volume of US$4.1 billion. Avalanche (AVAX) was the relative laggard, gaining just 1.9% to US$34.22 (C$48.49), as its subnet activity remained subdued despite a published roadmap for Avalanche9000 fee restructuring. XRP edged up 1.2% to US$0.6880 (C$0.9746), continuing to consolidate below key resistance at US$0.72 as traders await a formal SEC consent order ruling.
Canadian Exchange Listings and OSC-Regulated Products
Canadian retail investors have expanding regulated access to this ETH rally. Purpose Investments’ Purpose Ether ETF (ETHH-B on the TSX) rose 5.9% on the session, tracking ETH’s move with minimal tracking error. CI Global Asset Management’s CI Ether ETF (ETHX.B) saw volume spike to 1.4 million units — roughly 3.4 times its 90-day average — signalling meaningful retail participation through OSC-regulated wrappers rather than offshore exchanges. Notably, Coinbase Canada, operating under its FINTRAC registration, reported ETH as its highest-volume asset for the week ending September 27.
| Asset | Price (USD) | Price (CAD) | 24h Change |
|---|---|---|---|
| Ethereum (ETH) | $3,841 | $5,442 | +6.2% |
| Solana (SOL) | $198.40 | $281.10 | +4.7% |
| Avalanche (AVAX) | $34.22 | $48.49 | +1.9% |
| XRP | $0.6880 | $0.9746 | +1.2% |
Risk Context: Beta, Leverage, and Macro Headwinds
Altcoins carry structurally higher beta to Bitcoin, which means drawdowns can be severe and rapid if BTC sentiment reverses. ETH’s 90-day realized beta to BTC currently sits at approximately 1.35, meaning a 10% BTC correction would historically translate to a roughly 13–14% ETH decline. Perpetual futures funding rates for ETH on major offshore venues climbed to 0.035% per 8-hour period on September 29 — elevated but not yet at the frothy 0.08–0.10% levels seen during prior blow-off tops. Retail investors should treat TSX-listed ETFs as the lower-risk route, as they eliminate custody risk and are subject to OSC oversight. Any escalation in U.S. Federal Reserve hawkishness or a deterioration in Canadian dollar strength (the loonie is already down 3.1% year-to-date against the USD) would amplify downside in CAD-denominated crypto returns.
