Ethereum (ET#H) has been on the rise in July as if it had taken three cups of coffee in a row.
The monthly volume of on-chain transactions has reached over 238 billion dollars, a surge of 70 percent compared to June and the highest level since December 2021. Not bad for an asset that decreased by 2.09 percent in price during the month.
In terms of the number of transactions, an absolute record: 46.67 million in a month, surpassing its previous record from May 2021 by 3.6 percent. It’s as if everyone decided to pay for bread and coffee with ETH at the same time. The 7-day moving average is also nearing its all-time high with 1.64 million daily transactions, just a breath away from 1.66 million.
Active addresses haven't lagged behind either: 17.55 million in July, the highest level since May 2021. So, Ethereum is not just alive: it’s more active than a WhatsApp group on New Year's Eve #ETH🔥🔥🔥🔥🔥🔥 $ETH $ETH
🖐️ Soft hand: Uniswap, a16z, and allies ask the Senate to include exemptions for DeFi in the market structure bill, promoting technology-neutral regulations and avoiding excessive burdens on the sector.
🤔 Change of heart: A member of CurveDAO, phil_00Llama, proposes to halt the protocol's expansion to new layer 2 networks on Ethereum, suggesting to cut upcoming implementations to focus on current development.
🤦 Not all that glitters: According to analysts at Mizuho, Coinbase's second-quarter results reflect a decline in USDC margins for Circle, indicating increasing pressure on the profitability of this stablecoin.
👌 Doesn't matter: Bernstein believes the second quarter is irrelevant for Coinbase and notes that the 44% increase in activity during July is the real key indicator, despite the 15% drop in the stock price following the earnings release.
🐻 Bearish: Arthur Hayes, co-founder of BitMEX, sold over 13M USD in ETH, ENA, and PEPE, accumulating USDC (80% of his portfolio). He warns about the economic impact of tariffs and predicts BTC at 100K and ETH at 3K.$ETH #BTCReserveStrategy
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