兰亭-阿萍
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Ethereum has risen again, can it reach the peak this time?
#Layer2
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 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 close to historic high: According to Etherscan data, Ethereum's daily trading volume reached 1.87 million transactions, close to the historic high of 1.96 million transactions set in January 2024. This round of trading volume growth is mainly driven by stablecoins such as USDC and Tether, as well as the activity of the decentralized exchange Uniswap.
Monthly trading volume hits nearly four-year high: According to The Block, Ethereum's on-chain monthly trading volume exceeded $238 billion in July 2025, a month-on-month increase of 70%. This is also the highest monthly trading volume since December 2021, setting a new high in nearly four years. At the same time, in July, the Ethereum network processed 46.67 million transactions, breaking the monthly record, and the number of active addresses on the network reached 17.55 million, the highest level since May 2021.
DappRadar senior analyst and researcher Sara Gherghelas stated that the growth in Ethereum's trading volume is related to several regulatory developments, including the passage of the U.S. stablecoin regulatory framework GENIUS Act and the approval of multiple Ethereum ETFs. These factors have enhanced market confidence and further increased on-chain activity.
#Layer2
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 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 close to historic high: According to Etherscan data, Ethereum's daily trading volume reached 1.87 million transactions, close to the historic high of 1.96 million transactions set in January 2024. This round of trading volume growth is mainly driven by stablecoins such as USDC and Tether, as well as the activity of the decentralized exchange Uniswap.
Monthly trading volume hits nearly four-year high: According to The Block, Ethereum's on-chain monthly trading volume exceeded $238 billion in July 2025, a month-on-month increase of 70%. This is also the highest monthly trading volume since December 2021, setting a new high in nearly four years. At the same time, in July, the Ethereum network processed 46.67 million transactions, breaking the monthly record, and the number of active addresses on the network reached 17.55 million, the highest level since May 2021.
DappRadar senior analyst and researcher Sara Gherghelas stated that the growth in Ethereum's trading volume is related to several regulatory developments, including the passage of the U.S. stablecoin regulatory framework GENIUS Act and the approval of multiple Ethereum ETFs. These factors have enhanced market confidence and further increased on-chain activity.
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