These are not the best days for the Ethereum network. Its token struggles to lead the much-anticipated Altseason. However, the network itself is experiencing a notable surge in activity.
Using the metric “Ethereum: Transaction Count (Total)”, which includes all confirmed transactions on the network (ETH transfers, smart contract executions, DApp interactions, DeFi operations, etc.), we can observe the actual usage of the network. On June 25, Ethereum recorded 1,750,940 confirmed transactions, marking the third-highest daily transaction count in the network’s history.
This spike in activity suggests that, despite price weakness, Ethereum is still being actively used by its community.
Such a high number had not been seen since January 14, 2024, when the network hit its all-time high with 1,961,144 confirmed transactions. Since then, activity declined steadily—until this recent move, which breaks the prolonged downward trend.
In the past month, ETH’s price has fluctuated between $2,879.22 and $2,111.89, showing considerable volatility. This behavior may be fueling increased network usage, especially from traders, DeFi protocols, and arbitrage bots adjusting their positions in real time.
This rise in transactions could be signaling an on-chain revival on Ethereum—one not yet reflected in price, but potentially an early sign of accumulation, development, or renewed DeFi movement.
Institutional and retail interest in Ethereum has also remained steady, as evidenced by the stable ETH holdings on exchanges and growing activity in Layer 2 networks like Arbitrum and Optimism, which continue to settle a significant portion of daily transactions. These developments reinforce Ethereum's pivotal role in the broader crypto ecosystem and suggest that the network’s recent on-chain spike is not an isolated event, but part of a deeper structural recovery.
Signed by Carmelo Alemán, Verified On-Chain Analyst at CryptoQuant
♦️ X: @oro_crypto
♦️ Email: [email protected]
Written by Carmelo_Alemán
