Ethereum on-chain volume surged to $238 billion, driven by Whale and ETF funds, reaching a four-year high.

In July 2025, Ethereum (ETH) on-chain volume experienced a historic explosion. The total trading amount for the month exceeded $238 billion, growing 70% compared to the previous quarter, not only breaking the highest record since December 2021 but also setting a new high in nearly four years. With network activity, Whale accumulation, and ETF fund inflows all advancing simultaneously, the Ethereum ecosystem has demonstrated unprecedented strong momentum.

On-chain data heats up across the board: volume and active addresses both hit new highs

According to the latest data, the Ethereum network completed 46.67 million transactions in July, an increase of 3.6% compared to the historical high in May 2021. The 7-day moving average (7DMA) reached 1.64 million transactions, just one step away from the peak of the bull market in 2021. The number of active addresses has also surged to 17.55 million, the highest level in three years.

This series of positive indicators shows that the Ethereum network is experiencing a multiple influx of users, capital, and developers, with on-chain activity at an unprecedented level.

Whale continues to accumulate, institutional funds are pouring in crazily

On-chain analytics firm Arkham Intelligence pointed out that after the price of Ethereum fell to $3,400 at the end of July, Whales seized the opportunity to buy up ETH. One Whale purchased $300 million worth of ETH in a single transaction through the Galaxy Digital over-the-counter trading platform and currently holds 79,461 ETH, with a market value of approximately $282.5 million.

Moreover, BlackRock's iShares Ethereum Trust ETF has seen inflows of up to $1.7 billion over the past 10 trading days. Dune Analytics data shows that the ETF's holdings surged over 40% within 30 days, reflecting institutional recognition of the long-term value of ETH.

Glassnode further confirms that the number of "Whale" addresses holding over 10,000 ETH has increased by more than 200 since early July, covering exchanges, large custodians, and various ETF products, with the cumulative effect accelerating the changes in market structure.

Price quickly rebounded after the price correction, market sentiment turned optimistic

Although ETH briefly fell below $3,400 over the weekend, it quickly rebounded to $3,560 on Monday, showing significant resilience. Monika Mlodzianowska, the strategy cooperation director at CoinW, pointed out that despite the recent cooling of the U.S. job market causing a brief panic, expectations of monetary easing have brought new bullish tailwinds, and the outlook for liquidity in the crypto market has improved, which is expected to drive ETH stronger again.

It is worth noting that Wall Street media CNBC has also referred to Ethereum as the "invisible pillar of Wall Street" in its latest feature, highlighting its strategic position in the asset allocation of financial institutions.

The historical trend in August is relatively weak, and Whale buying may become a key variable

Historical data shows that in the past 12 years, there have been 8 instances of ETH declining in August, with double-digit drops expected in both 2023 and 2024. However, during bull market cycles like in August 2021, ETH surged by 35.6%. Currently, Whales and ETFs continue to accumulate, and if market liquidity is maintained, August is likely to break the traditional off-season curse.

Even former U.S. President Donald Trump's son Eric Trump is calling on fans to buy ETH at a low price on the X platform, further increasing the market discussion heat.

Conclusion

Ethereum's on-chain volume fully recovered in July, reaching a nearly four-year high, with both whales and institutional funds entering the market simultaneously, leading to a surge in network activity and user participation. Although the historical trend in August is somewhat weak, both the fundamentals and capital flows have released strong bullish signals. With global capital accelerating its layout, Ethereum is expected to continue leading the cryptocurrency market in the second half of the year, ushering in a new round of market peaks.