While Ethereum’s price action remains muted, a new report shared by CryptoQuant highlights a powerful on-chain development: Ethereum recorded 1,750,940 confirmed transactions on June 25, marking the third-highest daily count in its history.
This transaction surge comes as ETH continues to underperform during the broader market’s momentum. However, the network-level metrics tell a different story, signaling increased engagement across DeFi, trading, and smart contract execution.
Usage Spikes Despite Price Weakness
According to CryptoQuant’s analysis, the last time Ethereum reached similar activity levels was on January 14, 2024, when it posted an all-time high of 1.96 million transactions. Since then, usage has trended downward—until this recent spike reversed the pattern.
The report attributes the rise to intensified DeFi usage, arbitrage trading, and position management, especially as Ethereum’s price fluctuated between $2,111 and $2,879 over the past month.
A Sign of Structural Strength Beneath Volatility
CryptoQuant notes that this uptick may indicate early signs of accumulation and network revival, even though it’s not yet reflected in ETH’s market price. With volatility driving short-term uncertainty, long-term holders and developers appear to be positioning for what could be a new phase of growth.
Layer 2 Activity and Exchange Holdings Support the Trend
The report also highlights steady ETH exchange holdings and rising Layer 2 adoption as key reinforcing factors. Platforms like Arbitrum and Optimism continue to offload network congestion while daily activity remains robust, further validating Ethereum’s integral role in the Web3 landscape.
Conclusion: Ethereum’s Price Is Quiet, But the Network Isn’t
Despite a lack of strong price action, Ethereum’s underlying fundamentals are strengthening, according to CryptoQuant. The spike in on-chain transactions could be laying the groundwork for Ethereum’s next move—whether in DeFi growth, price appreciation, or a broader altcoin cycle breakout.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/ethereum-network-activity-surges-to-third-highest-in-history-despite-price-stagnation/