$ETH network activity is booming again, with on-chain transactions nearing the all-time highs set in May 2021.
According to blockchain analyst Murphy, this surge comes from a big wave of new buyers, strong support from long-term holders, and major institutional transfers.
Key points:
On-chain transactions are close to record levels.
More new $ETH buyers since July 20, showing fresh market interest.
Long-term holders are adding to their ETH during sideways prices — showing strong conviction.
About 700,000 ETH are queued to unstake, but high demand should absorb the supply easily.
Transfer volume is higher than it was in December 2024 near $4,000, so big players are active again.
Murphy calls this a “chip-switching” phase — $ETH moving from weaker to stronger hands. If this buying trend keeps up, a big Ethereum move could be coming soon.