Ethereum Network transactions have reached record highs as record ether (ETH) levels lifted by the regulatory boost in liquid staking have risen to a high level.
The seven-day average of daily transactions on the blockchain touched 1.74 million earlier this week, surpassing the record of 1.65 million on May 12, 2021.
This surge in activity occurs when the Corporate Finance Department of the Securities and Exchange Commission states that certain liquid staking activities and “staking receipt tokens” do not constitute securities under the Securities Act of 1933, provided they meet a strict set of assumptions.
Such a stance is bullish. It reduces legal uncertainty and makes agencies and platforms offering liquid staking products safer. This allows for increased demand for pile tokens like ETH and reduced sales pressure to lock more supplies and support higher prices.
Data from Dune Analytics shows that more than 36 million ETH, or nearly 30% of supply, are locked in contracts. This is a signal that holders are willing to abandon liquidity against yields as prices push towards $4,000, a level not seen since December.
ETH price action is supported by an increase in the footprint of public “cryptofinance companies” or by companies that purchase and hold tokens directly.
ETH holders manage the second-largest cryptocurrency worth $117.7 billion, led by 833,100 ETH ($3.2 billion) of Bitmine Immersion Technologies, $2 billion of Sharplink games and $1.34 billion of ether machines.
Vitalik Buterin, co-founder of Ethereum, supported the trend in a podcast on Thursday, saying that financial vehicles will give more options investors, especially those with different financial constraints. Still, he warned that excessive leverage could backfire.
“It’s good and valuable to have ETH as an asset that businesses can have as part of the Treasury Department. It’s good to give people more options,” says Buterin.
“If I wake up three years from now and say that the Treasury has led to the downfall of ETH, I think somehow they’ve turned it into an over-game,” he told Bankles Podcast, outlined a scenario in which forced liquidation was cascaded into deeper price losses.
Buterin expressed his confidence that ETH investors avoid such pitfalls and say “these are not Kwon’s followers,” and refer to the founder of the failed Terra project.
Are Eth Treasuries suitable for Ethereum? @vitalikbuterin thinks it can.
“It’s good and valuable to have ETH as an asset that businesses can have as part of the Ministry of Finance. It’s good to give people more options.”
But he also gives a warning:
“If you’ve woken up three years from now…pic.twitter.com/w55oud7lke
– Bankless (@banklessshq) August 7, 2025
ETH traded 163% from a low of $1,470 in April, narrowing the performance gap with its bigger rival Bitcoin
And then Solana’s Sol (Sol).
More than 500,000 ETH (worth around $1.8 billion) were bets in the first half of June alone, according to Cryptoquant’s Onchainsschool.
