Ethereum Price Rally Catalysts Build on Record Staking and Growing Network Activity

Ethereum's price rally may be gaining momentum as record staking totals and growing network activity indicate a stronger foundation for future price growth. According to Bitwise, Ethereum's underlying network has reached record levels during the second quarter of 2025, with active staked Ethereum reaching 40.2 million ETH, representing roughly 33% of the total supply.

The Ethereum network processed 203.9 million transactions in the quarter, up from 121.1 million a year ago, while network speed jumped from 15 to 26 transactions per second. Meanwhile, researchers at Bitwise noted that 'the divergence between revenue and activity is the theme of the quarter,' with lower fees making the Ethereum network easier and cheaper to use.

Lower transaction fees have reduced Ethereum's total fee revenue, which dropped 51% year-on-year to $64 million in the second quarter. However, this reduction was due to expanded network capacity, not a decrease in usage. In fact, quarterly network revenue actually increased from 27,670 ETH in the first quarter to 31,166 ETH in the second quarter.