Ethereum hits a new milestone, showing a surge in network activity, surpassing 50 million transactions per month for the first time.
However, transaction counts were not the only ones that spiked. Dex’s trading volume exceeded a record high of $140 billion in August, according to data from Dexillama.
Total trading volume across Ethereum reached $320 billion last month, marking the third largest month ever driven by institutional demand and ETF inflows. Active addresses rose to around 1677 million, linking and approaching monthly highs.
Additionally, Ethereum’s total value lock (TVL) is around $92.6 billion. It is approaching its previous peak of approximately $1008.8 billion since the Bull Cycle in 2021.
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The acquisition of the system played a major role here as big players continued to accumulate Ethereum. For example, Bitmine currently owns 1.87 million ETH, making it the largest company Ethereum holder, while Sharplink has recently added 39,000 ETH, bringing its total holding to 832,000 ETH.
Reports suggest that Bitmine could grow its holdings by another $200 to $400 billion by 2025, but that could refer to the Ministry of General Treasury allocation as well as ETH.
In total, 69 companies added more than 4.1 million ETH (approximately $17.6 billion) to their reserves. This is about 3.4% of Ethereum’s total supply.
Is this Ethereum season?
With record-breaking monthly transactions, Dex Flow, Rising TVL, and the corporate Treasury Department’s openly accumulating, many wonder whether this is the arrival of the Ethereum season.
As entities accumulate huge ETH reserves, analysts (such as experts at Standard Chartered) are increasing their target to $7.5,000 by the end of the year, citing institutional demand and ETF flows.
However, it is important to remember that September has always been a choppy month for Ethereum, even at the bull stage.
Related: Crypto’s deepest pockets all make the same bet – Ethereum
That said, US-listed Spot Ethereum ETFs are seeing robust trading activities and continue to attract large capital. There was a net inflow of billions of dollars in July and August, and it’s on track topped $4 billion in August alone.
Still, the flow can be reversed (as sometimes happened to BTC funds). So it’s essential to look at weekly net flows, not headlines or hype.
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