Ethereum hit a new milestone, exceeding 50 million monthly transactions for the first time, indicating a surging network activity.
The transaction count wasn’t the only thing that soared, though. DEX trading volume hit an all-time high of over $140 billion in August, according to DeFiLlama data.
Total transaction volume across Ethereum reached $320 billion last month, marking its third-largest month ever, driven by institutional demand and ETF inflows. Active addresses climbed to around 16.77 million, tying or nearing monthly highs.
Additionally, Total Value Locked (TVL) on Ethereum stands at approximately $92.6 billion. It’s approaching the previous peak of approximately $108.8 billion from the 2021 bull cycle.
Related: 5 Charts That Could Predict Ethereum Next Big Move as Rate Cuts Approach
Institutional acquisition had a big role here, as big players continued to amass Ethereum. For instance, BitMine now holds 1.87 million ETH, making it the largest corporate Ethereum holder, while SharpLink recently added 39,000 ETH, bringing its total holdings to 832,000 ETH.
Reports suggest that BitMine may grow its holdings by a further $200 to $400 billion by 2025, though that likely refers to total treasury allocations rather than ETH alone.
In total, 69 companies have added over 4.1 million ETH (roughly $17.6 billion) to their reserves, which is about 3.4% of Ethereum’s total supply.
Is this the Ethereum season?
With record monthly transactions, DEX flow, rising TVL, and corporate treasuries openly accumulating, many are wondering if this is the coming of an Ethereum season.
With entities accumulating huge ETH reserves, analysts (like the experts at Standard Chartered) are raising targets to $7.5k by year-end, citing institutional demand and ETF flows.
However, it’s important to remember that September was always a choppy month for Ethereum, even in bull phases.
Related: Crypto’s Deepest Pockets Are All Making the Same Bet Right Now – Ethereum
That said, the US-listed spot Ethereum ETFs have seen robust trading activity and have continued to attract big capital. There have been multi-billion-dollar net inflows during July and August, with August alone on track to exceed $4 billion.
Still, flows can reverse (as happened to BTC funds at times), so it’s essential to keep an eye on weekly net flow rather than headlines and hype.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
