Ethereum's Stagnant Price Masks Strong Network Activity

Ethereum's price action has been stagnant lately, hovering around $1,920, roughly 60% below its peak of almost $4,800 in late 2025. However, the network itself tells a different story.

Transaction volume is on the rise, with Ethereum processing over 20 million transactions per week, surpassing levels seen during the bull run of 2021. The stablecoin supply has also remained steady, with USDC and USDT activity aggregating around $165-$167 billion, although this figure did peak at $190 billion in late 2025.

The dollar value of staked ETH has decreased due to a drop in the ETH price itself, rather than unstaking activity. This means that the staking rate remains high, with most circulating supply still locked into network security.