Ethereum is on fire. August closed with record-breaking on-chain activity as decentralized exchange (DEX) volume soared to $135B, transactions hit 48M, and active addresses climbed to 15M.
Total value locked (TVL) also smashed through the $240B mark, according to
For months, Ethereum’s price had been buoyed by ETF inflows despite lukewarm on-chain metrics. Now, the network is finally catching up to its valuation with user activity and capital pouring in.
Institutional ETH Purchases Hit New Highs
Big players are moving in. Corporate treasuries added a total of 247,033 ETH this past week alone, per [CoinGecko].
The buying spree follows Ethereum’s rally to an all-time high of $4,946.05 on August 24.
BitMine Leads with Massive ETH Buy
BitMine topped the charts, scooping up 190,500 ETH as prices peaked. The purchase pushed its total holdings to 1.7M ETH, valued at roughly $7.7B.
That’s more than double the second-largest corporate holder. The company’s aggressive buying signals long-term conviction even at elevated prices.
SharpLink Expands Treasury with $252M Purchase
Next up, SharpLink added 56,533 ETH at an average price of $4,462, spending $252.2M in a single move.
The firm’s treasury now holds 797,704 ETH worth about $3.6B, cementing its position among Ethereum’s biggest institutional backers.
ETHZilla Discloses $451M ETH Position
ETHZilla joined the wave, revealing ownership of 102,237 ETH valued at $451.5M.
Alongside the disclosure, the firm launched a $250M stock buyback program effective immediately. The plan runs through June 30, 2025, or until the full allocation is used up—whichever comes first.
Ethereum Network Momentum Builds
The record-breaking month signals a shift for Ethereum. For much of 2024, rising prices were driven by ETF demand rather than organic network activity. That trend seems to be reversing as August numbers show both price strength and real on-chain growth.
With DEX volumes surging, addresses multiplying, and institutional wallets filling up, Ethereum appears to be entering a new phase of adoption.
Data Snapshot
- DEX Volume (August): $135B
- Transactions: 48M
- Active Addresses: 15M
- TVL: $240B+
- BitMine Holdings: 1.7M ETH ($7.7B)
- SharpLink Holdings: 797,704 ETH ($3.6B)
- ETHZilla Holdings: 102,237 ETH ($451.5M)
If institutional inflows continue and on-chain metrics stay hot, Ethereum could maintain its momentum into Q4. The convergence of price action, user growth, and corporate adoption makes the case for sustained bullish sentiment.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/ethereum-breaks-on-chain-records-in-august-watch-what-the-numbers-say/
