Ethereum Transactions Hit New All-Time High Amid Growing On-Chain Activity

Key highlights:

• Ethereum daily transactions hit a new all-time high of 1.73 million.
• Surge driven by rising DeFi activity, stablecoin transactions, and expanding user base with over 332 million unique addresses.
• Ethereum treasury firms emerge as strong investment alternatives to spot ETH ETFs, holding 1.6% of total ETH supply.

Ethereums on-chain activity is reaching unprecedented levels, with daily transaction counts recently surging to an all-time high. This marks a significant resurgence in network engagement after a period of subdued demand and growing competition from rivals like Solana.

Record-breaking transaction volumes and address growth

The uptick in activity has been especially pronounced in recent months. Based on data from The Block, Ethereums daily transaction count reached a new all-time high of around 1.73 million transactions.

This increased usage is also reflected in the number of unique and active addresses. The total number of unique Ethereum addresses has reached 332.1 million, with over 207,000 new addresses added in a single day. Active addresses have also surged to 683,520, nearing the all-time high of 743,730.

Factors fueling the surge

Several factors appear to be driving the recent momentum. The Ethereum networks scalability received a boost from a block gas limit increase to 45 million, allowing for greater transaction throughput. The passage of the GENIUS Act in the U.S., which established a regulatory framework for stablecoins, has also likely contributed to a bump in stablecoin transaction volumes and overall market confidence.

Moreover, the total value locked (TVL) in decentralized finance (DeFi) protocols has risen to $142 billion, with Ethereum accounting for 60% of this amount, according to DeFi Llama. This growing DeFi participation has helped cement Ethereums position as the leading smart contract platform despite rising competition.

Ethereum accounts for over 60% of the DeFi ecosystems $142 billion in TVL (total value locked). Image source: DeFi Llama

Tom Lees bold Ethereum price prediction

With Ethereum recently climbing past $4,000 and showing renewed strength in both price and network activity, market analyst Tom Lee has made a headline-grabbing prediction: ETH could surge to $16,000 in this cycle. Lee, known for his bold market outlooks, argues that if Ethereum reclaims its 2021 ETH-to-BTC ratio of 0.4, while Bitcoin remains near its current levels, the resulting valuation alone would place ETH in five-digit territory. And unlike in 2021, Ethereum now boasts stronger fundamentals, more institutional integration, and broader utility.

Lee believes Ethereum is now having its “Wall Street moment,” similar to how Bitcoin captured institutional interest in 2017. A major catalyst is regulatory clarity, particularly the Genius Act, which has opened the door for stablecoins that rely on Ethereums smart contracts. With zero network downtime and a strong track record of compliance, Ethereum is quickly becoming the preferred infrastructure for traditional finance and emerging sectors like AI and robotics.

Backed by firms like JP Morgan, Robinhood, and treasury-heavy companies such as Bitmine, Ethereum is not just a speculative asset anymore, it‘s infrastructure. The convergence of regulatory green lights, DeFi resurgence, and smart contract demand could push ETH well beyond prior expectations. Lee’s forecast may sound extreme, but the data is increasingly moving in his direction.

Ethereum treasury firms gaining ground

In parallel to the on-chain boom, Ethereum treasury companies are emerging as attractive vehicles for ETH exposure. Public firms holding ETH now collectively manage over $7.5 billion in value. According to Standard Chartereds head of digital assets research Geoffrey Kendrick, these companies offer superior investment cases compared to U.S. spot ETH ETFs, thanks to their ability to earn staking rewards and participate in DeFi.

Kendrick highlighted SharpLink Gaming (SBET), a company backed by Consensys and Ethereum co-founder Joe Lubin, as a prominent example. SBETs net asset value (NAV) multiple has normalized just above 1, reflecting investor confidence. Notably, Ethereum treasury firms have acquired 1.6% of all ETH in circulation since June, on par with ETF purchases during the same period.

With the prospect of ETH staking ETFs on the horizon and increasing institutional involvement, Ethereums growing transaction volume and ecosystem strength suggest a robust foundation for continued expansion.

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