Ethereum activity hits records while fees stay low – What’s next?

Source: X

Network strength follows resilience

Building on its market resilience, Ethereum’s network activity broke records. Daily transactions surged past 2.4 million, while Active Addresses held above 1.2 million — in fact, both at all-time highs.

Source: X

Yet, despite this unprecedented demand, Gas Fees stayed close to historic lows, hovering near $80 million per day compared with peaks well above $300 million in earlier cycles.

Short-term holders bring about the next wave

This strength on the network side was mirrored in Ethereum’s holder dynamics.

Source: Alphractal

Data showed LTHs controlling 81 million ETH were starting to offload, while STHs held 39.4 million ETH and were actively accumulating instead of selling.

Source: Alphractal

In fact, when STHs resisted profit-taking, Ethereum historically entered powerful rallies.

The current setup signaled confidence among newer buyers, which often precedes price breakouts.

If this trend continues, Ethereum (and the wider altcoin market) could absorb more of Bitcoin’s dominance over the next three months, putting ETH at the center of the next cycle.