Ethereum Transactions Hit Record High as Staking, SEC Clarity Fuel ETH Rally
Main Idea
Ethereum transactions hit a record high, driven by increased staking activity and regulatory clarity from the SEC, fueling a significant ETH price rally.
Key Points
1. The seven-day average of daily Ethereum transactions reached a record 1.74 million, surpassing the previous high of 1.65 million.
2. More than 36 million ETH (30% of supply) is locked in staking contracts, reducing selling pressure and supporting price increases.
3. Public 'crypto treasury companies' hold $11.77 billion worth of ETH, with major holders including BitMine Immersion Technologies and SharpLink Gaming.
4. ETH's price has surged 163% from April’s low, trading near $3,909, narrowing its performance gap with Bitcoin and Solana.
5. Vitalik Buterin endorsed corporate ETH holdings, stating that 'giving people more options is good,' while cautioning about potential risks.
Description
Ethereum network transactions rose to a record high as levels of staked ether (ETH) climbed to a record high, lifted by a regulatory boost for liquid staking. The seven-day average of daily transactions on the blockchain touched 1.74 million earlier this week, overtaking the previous record of 1.65 million set on May 12, 2021. The activity surge comes as the Securities and Exchange Commission’s Division of Corporation Finance said certain liquid staking activities and “staking receipt tokens” do...
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