Ethereum Rally Fueled by Institutional Buying Spree and Record DEX Activity

Ethereum’s fundamentals are showing remarkable strength, with corporate treasuries aggressively accumulating ETH while network metrics reach stunning new heights. The total koers trend reflects growing market confidence in the protocol’s long-term value proposition.

Network Activity Breaks All Previous Records

The numbers paint a compelling picture. Ethereum surpassed 50 million monthly transactions for the first time, demonstrating accelerating adoption. More impressively, decentralized exchange trading volume exploded to over $140 billion in August alone—an all-time peak according to DeFiLlama. Overall network transaction volume reached $320 billion that same month, marking the third-largest month in Ethereum’s history.

Active user addresses climbed to approximately 16.77 million, approaching previous monthly records. Total Value Locked across the ecosystem stands at roughly $92.6 billion, drawing closer to the $108.8 billion peak from the 2021 bull market. These metrics suggest Ethereum’s infrastructure is handling unprecedented transaction demand.

Corporate Treasuries Go All-In on ETH

Institutional players have emerged as the dominant force behind Ethereum’s momentum. BitMine now controls 1.87 million ETH—the largest corporate ETH position ever recorded. Meanwhile, SharpLink expanded its holdings by 39,000 ETH, bringing its total reserves to 832,000 ETH.

Across 69 companies, over 4.1 million ETH (approximately $17.6 billion) has been added to corporate treasuries. This accumulation represents roughly 3.4% of Ethereum’s total circulating supply, signaling institutional conviction in ETH’s long-term potential. Some reports suggest BitMine could expand its positions significantly through 2025, though figures suggesting $200-400 billion likely encompass broader treasury diversification rather than ETH purchases alone.

Is Ethereum Season Upon Us?

The convergence of factors—record on-chain activity, peak DEX volumes, rising TVL, and massive institutional reserve building—has sparked debate about whether an Ethereum bull cycle is crystallizing. Analysts including those at Standard Chartered are raising price targets toward $7.5K by year-end, citing institutional demand tailwinds and ETF inflow dynamics.

US spot ETFs for Ethereum have demonstrated sustained trading momentum, attracting multi-billion-dollar capital inflows during July and August. August alone tracked to exceed $4 billion in net inflows. However, historical precedent suggests caution—flows can reverse as quickly as they appear, and September has historically been volatile for Ethereum even during bull markets. The total koers picture requires monitoring weekly flow patterns rather than relying on short-term sentiment.

Current ETH Price: $2.98K (Data as of December 20, 2025)

The convergence of fundamental strength, institutional positioning, and network growth creates a compelling backdrop for Ethereum’s trajectory heading into 2025.