Ethereum surged past $2,600 on Friday, marking the second time the asset has reached this level this month. The move came alongside returning whale activity and a record milestone in network adoption.
Record Wallet Growth and Staking Activity
According to Santiment Intelligence data, the number of non-empty Ethereum wallets has climbed to over 207 million, a new record. This figure suggests that ETH ownership continues to spread despite months of relatively weak price action.
Staking activity has also expanded, with over 40 million ETH currently locked in the network. Large entities including Bitmine have contributed to this growth. Ethereum maintains the leading position for total value locked in decentralized finance, with approximately $50 billion committed to DeFi applications.
Transaction Fees Decline Sharply
Network usage has become significantly cheaper, with average transaction fees falling below $0.1. This represents a decline of more than 85 percent from the year's peak of $0.72 in April.
Whale Movements and Price Momentum
Large transaction activity has resumed on the network. While such transfers can represent both buying and selling, recent price movements have leaned toward purchases, according to the data.
Ethereum's recovery from below $2,400 to over $2,600 reflects engagement across multiple use cases, including staking, stablecoins, lending protocols, and decentralized exchanges, rather than short-term speculation alone.
