Ethereum (ETH) is entering a pivotal phase as growing institutional interest contrasts with cautious market signals.
Recent data shows strong ETF inflows and increased accumulation by large holders, with on-chain activity figures reflecting one of the strongest months ever for Ethereum.
Ethereum Hits Multi-Year Highs in On-Chain Activity and Adoption
Ethereum had one of its strongest months in July, with a significant surge in both price and on-chain activity, hitting levels not seen since 2021.
The network recorded over $238 billion in monthly on-chain transaction volume, a 70% jump from June and the highest since December 2021.
Total transactions surpassed 46.6 million, breaking the previous monthly record set in May 2021.
The 7-day moving average of transactions also reached 1.64 million, just shy of the all-time high of 1.66 million, while active addresses hit 17.55 million—the most since mid-2021.
Much of this activity came in the final week of the month.
On July 26, over 3.1 million ETH moved on-chain—the highest since November 2022—pushing the monthly ETH transfer count past 21 million, close to 2022’s peak.
The combination of higher ETH prices and increased movement contributed to the spike in transfer volume.
ETH price closed the month at $3,700, with active wallet addresses topping 674,000, a level analysts associate with periods of accelerated adoption.
This on-chain strength, combined with $154.3 million in inflows into ETH ETFs (SoSoValue data), paints a bullish picture.
On the supply side, Ethereum remains deflationary, with EIP-1559 burning fees and keeping net ETH emissions near zero, adding further support to ETH’s positive momentum.
