Ethereum network activity, staking volume hit new records as price diverges from utility
The post Ethereum network activity, staking volume hit new records as price diverges from utility appeared on BitcoinEthereumNews.com.
Ethereum activity based on daily transfers spiked to a new all-time peak, breaking through levels last seen in February. The network carried over 1.3M transactions, showing demand for stablecoin usage and tokenization. Ethereum is showing another bullish sign, with an average daily transaction count of 1.3M, based on Cryptoquant data. The network shows peak usage for ETH transfers and USDT payments, as well as several leading smart contracts based on their daily gas burn rate. The on-chain signal shows Ethereum retains fundamental strength and utility. At the same time, ETH remains stable above $2,200, keeping DeFi liquidations low. On-chain activity also pointed to increased smart contract and DeFi activity, L2 blob usage, and other transfers. According to Gate data, ETH trades with extreme fear sentiment, though the market is also looking for bullish signs and on-chain markers. The current mix of high-level on-chain activity, wide adoption and low ETH prices is unprecedented and shows a divergence between blockchain usage and token valuations. Ethereum gets a boost from smart contract activity Ethereum got a boost in activity even after the end of trends like NFTs and on-chain games. However, the on-chain traffic does not immediately translate into peak price action. The recent spike in activity and demand for ETH also reveals a potential breakout, signaling ETH as an undervalued asset. The unprecedented traffic also happens at a time of extremely low gas fees. Regular transactions cost under $0.01, while DEX swaps and lending transactions are at $0.11. The overall traffic on Ethereum is at a higher baseline, and the recent spikes in activity are not due to highly competitive events. Not all Ethereum transactions are organic, as some contracts have been found to originate from malicious address seeding, making use of the record-low fees. Despite the increased usage, Ethereum is not…
Filed under: News - @ April 10, 2026 1:26 pm