Ethereum Transactions Hit All-Time High as Staking Soars and Regulatory Clarity Boosts Sentiment
Ethereum’s on-chain activity has reached record levels, driven by a surge in staking participation and regulatory developments that reduce uncertainty around liquid staking. The bullish momentum has pushed ETH closer to the $4,000 mark, fueled by institutional interest and an evolving narrative around crypto treasury adoption.
Network Activity and Staking Reach Record Highs
The Ethereum network has recorded its highest-ever average transaction volume, with the seven-day moving average peaking at 1.74 million daily transactions—surpassing the previous high set in May 2021. This uptick comes as over 36 million ETH, or nearly 30% of the total supply, is now staked, signaling strong investor confidence and long-term holding behavior.
Fueling this growth is a new stance from the U.S. Securities and Exchange Commission’s Division of Corporation Finance, which stated that certain liquid staking activities and associated receipt tokens do not qualify as securities under the 1933 Securities Act—provided they meet a set of strict criteria.
Regulatory Clarity Encourages Institutional Participation
The SEC’s position is widely seen as a tailwind for Ethereum, particularly for platforms offering liquid staking. By reducing legal ambiguity, it paves the way for broader institutional adoption and product development in the staking space—potentially locking up more ETH and reducing available supply.
Data from Dune Analytics confirms this trend, with staking metrics continuing to climb sharply. The locked-up ETH supports price resilience by limiting circulating supply, particularly as ETH tests multi-month highs.
Public Companies Expand ETH Treasury Holdings
Another key factor behind Ethereum’s price appreciation is the rise of crypto treasury companies—publicly traded firms accumulating ETH for balance sheet diversification. Collectively, these companies now hold $11.77 billion worth of ETH, led by:
- BitMine Immersion Technologies with 833,100 ETH (~$3.2B)
- SharpLink Gaming with approximately $2B in ETH
- The Ether Machine, holding $1.34B worth of ETH
Ethereum co-founder Vitalik Buterin addressed the growing trend during a podcast appearance, supporting the use of ETH in corporate treasuries while warning of the risks tied to excessive leverage.
“Treasuries holding ETH is a net positive—it gives more optionality to investors,” Buterin said. “But if it turns into an overleveraged cycle, that’s where things could go wrong.”
He emphasized that ETH holders appear more risk-conscious compared to past market cycles, referencing the collapse of Terra and its founder Do Kwon.
Price Action and Market Outlook
ETH has rallied 163% from its April low of $1,470, trading just under $3,910 at press time. The recent move has helped ETH close the performance gap with Bitcoin and maintain a strong lead over other altcoins like Solana.
According to CryptoQuant’s Onchainschool, more than 500,000 ETH (around $1.8B) was staked in the first half of June alone, further indicating a trend of rising investor confidence and reduced liquid supply.
