Ethereum has risen again, can it successfully reach the peak this time?
Key Drivers
• Technical Upgrades: Layer-2 solutions divert 30% of transaction demand
• Stablecoin Recovery: Circle minted 100 million USDC in a single day, Tether's cross-chain transfer volume increased
• Regulatory Progress: The GENIUS Act provides a compliance framework for stablecoins
• Institutional Participation: Whales increased their holdings by 100,000 ETH (approximately $364 million) on August 6
• Risk Warning: $4.9 billion in options contracts will expire on August 12, expected to increase volatility
Daily trading volume near historical high: According to Etherscan data, Ethereum's daily trading volume reached 1.87 million transactions, close to the historical high of 1.96 million transactions set in January 2024. This round of trading volume growth was mainly driven by stablecoins like USDC and Tether, as well as the activity of the decentralized exchange Uniswap.
Monthly trading volume reaches nearly four-year high: According to The Block, Ethereum's on-chain monthly trading volume exceeded $238 billion in July 2025, a 70% increase month-on-month. This is also the highest monthly trading volume since December 2021, setting a new high in nearly four years. Meanwhile, the Ethereum network processed 46.67 million transactions in July, breaking the monthly record, with the number of active addresses on the network reaching 17.55 million, the highest level since May 2021.
DappRadar senior analyst and researcher Sara Gherghelas stated that the increase in Ethereum's trading volume is related to several regulatory developments, including the passage of the US stablecoin regulatory framework GENIUS Act and the approval of multiple Ethereum ETFs. These factors have boosted market confidence and further increased on-chain activity.
