Key Takeaways:
Ethereum network activity reaches record high of 1.74 million daily transactions.
SEC affirms that certain liquid staking activities are not securities, removing regulatory overhang.
Over 36 million ETH now staked, locking up nearly 30% of supply and tightening market liquidity.
ETH price surges 163% from April lows, driven by treasury holdings and institutional staking demand.
Vitalik Buterin supports corporate ETH treasuries but warns against overleveraging.
Ethereum is back in the spotlight as network activity hits record levels, regulatory clarity boosts institutional confidence, and ETH’s price closes in on $4,000 after a 163% surge since April.
Ethereum Network Transactions Hit Record
The seven-day average of daily Ethereum transactions reached 1.74 million, surpassing the previous high of 1.65 million set in May 2021, according to blockchain data.
This surge in onchain activity comes as ETH staking climbs to new highs, now locking up over 36 million ETH — nearly 30% of total supply, according to Dune Analytics.
SEC Clarity Ignites Liquid Staking Confidence
Fueling this trend is a regulatory shift from the U.S. SEC: the Division of Corporation Finance clarified that certain liquid staking activities and staking receipt tokens are not considered securities under the 1933 Securities Act, if specific assumptions are met.
This removes a major legal risk for institutions and DeFi protocols, clearing the way for further adoption of liquid staking products and long-term ETH lockups that reduce circulating supply and support bullish price action.
ETH Treasuries Grow as Corporates Buy In
Another key tailwind is the growing number of publicly disclosed crypto treasuries holding ETH. These companies are holding ETH as a balance sheet asset — akin to how MicroStrategy holds Bitcoin.
Top ETH treasury holders include:
BitMine Immersion Technologies: 833,100 ETH (~$3.2B)
SharpLink Gaming: $2B in ETH
The Ether Machine: $1.34B in ETH
In total, crypto treasury companies now control $11.77 billion worth of ETH, further reducing liquid supply and signaling long-term confidence.
Vitalik Buterin Backs ETH Treasuries — With Caution
Speaking on the Bankless podcast, Ethereum co-founder Vitalik Buterin welcomed the rise of ETH treasuries, calling them “valuable” and “good for optionality.”
However, he cautioned against overleveraging, warning that ETH's success could be undermined if treasuries were used recklessly:
“If you woke me up three years from now and told me that treasuries led to the downfall of ETH … my guess would be that somehow they turned it into an overleveraged game,” Buterin said, joking: “These are not Do Kwon followers.”
Price Action and Market Outlook
ETH is currently trading near $3,909, up 163% from April lows of $1,470 — narrowing the gap with Bitcoin and outperforming most major altcoins.
Over 500,000 ETH (≈$1.8B) was staked in the first half of June alone, according to CryptoQuant’s OnchainSchool.
Analysts say this trend signals rising investor confidence and a continued drop in liquid ETH supply — a bullish setup as ETH approaches key resistance.
Between record network activity, regulatory green lights, and institutional ETH accumulation, Ethereum is entering a new phase of growth and investor conviction. As long as staking demand remains strong and treasuries avoid excessive leverage, ETH could maintain momentum and potentially revisit all-time highs.
