Ethereum Transactions Hit Record High as Staking Confidence and Institutional Treasuries Drive Rally

Ethereum’s network activity has soared to new highs, supported by a surge in staked ETH and growing participation from public crypto treasury firms. A recent regulatory clarification around liquid staking has added further momentum to the rally.

The seven-day moving average of daily Ethereum transactions reached an all-time high of 1.74 million, surpassing the previous peak of 1.65 million recorded in May 2021. This spike in activity follows a favorable interpretation from the SEC’s Division of Corporation Finance, which stated that certain liquid staking activities and related “staking receipt tokens” do not qualify as securities—provided specific conditions are met.

This legal clarity has been a boon for staking platforms and institutional participants, reducing uncertainty and encouraging broader adoption of liquid staking strategies. By locking ETH in staking contracts, investors reduce circulating supply, which can add upward pressure to prices.

According to Dune Analytics, over 36 million ETH—nearly 30% of the total supply—is now staked, underscoring long-term confidence in Ethereum as the asset approaches the $4,000 level for the first time since December.

Institutional treasuries are also playing a growing role. Publicly listed crypto treasury firms now collectively hold $11.77 billion worth of ETH. Among the top holders:

• BitMine Immersion Technologies: 833,100 ETH (~$3.2B)
• SharpLink Gaming: ~$2B
• The Ether Machine: ~$1.34B

Ethereum co-founder Vitalik Buterin endorsed the trend in a recent appearance on the Bankless podcast, noting that treasury diversification allows companies with varying financial needs to participate in crypto markets. However, he cautioned against overleveraging these positions, referencing the implosion of Terra.

“If you woke me up three years from now and told me that treasuries led to the downfall of ETH, my guess would be that somehow they turned it into an overleveraged game,” Buterin said, while adding optimistically: “These are not Do Kwon followers.”

From April’s low of $1,470, ETH has gained 163%, now trading near $3,909, significantly narrowing its performance gap with Bitcoin and Solana.

Meanwhile, on-chain data from CryptoQuant’s Onchainschool shows that over 500,000 ETH (~$1.8B) was staked in the first half of June alone, highlighting continued investor confidence and a tightening of liquid supply.