Ethereum Network's Daily Transaction Count Hits 2.6 Million, Reaching All-Time High

The Ethereum network has hit a new milestone, processing 2.6 million daily transactions, the highest on record. The surge in activity reflects ongoing growth in decentralized applications and tokenized assets. Network usage has climbed as institutional interest and staking activity intensify.

BitMine, the largest corporate holder of Ethereum, has staked 1.53 million ETH, representing about 4% of all staked ETH. This move has pushed the total amount of Ethereum locked in the beacon chain to over 36 million ETH, which is nearly 30% of the network's circulating supply. The staking activity has created a liquidity squeeze, reducing the asset's effective float.

The Ethereum staking validator entry queue has reached 2.3 million ETH, with a wait time of around 40 days. This congestion highlights the friction in validator economics and protocol rules, which make staked ETH harder to mobilize compared to cold storage assets. The reduced float could amplify price movements in either direction.

Why Did This Happen?

BitMine's staking strategy is primarily driven by yield generation. The company expects to earn approximately $374 million annually, assuming a composite staking rate of 2.81%. This yield turns Ethereum into a productive asset for corporate treasuries, offering substantial returns on a $5 billion principal.

The yield generation model introduces a paradox for the broader market. As more capital flows into staking, the yield per unit of ETH dilutes. This compression creates a feedback loop that may become critical if the ETH staking APR drops while high-grade fiat yields remain attractive. The "risk-free-ish" rate of crypto could lose its appeal, pushing marginal stakers to seek yield elsewhere.

Ethereum's price has shown mixed signals. As of today, ETH is trading around $3,300, with the 100-day EMA providing support at $3,288. The MACD indicator remains above the signal line, and the RSI is stabilizing at 65, indicating consolidation. A break above the 200-day EMA resistance at $3,339 could reinforce the bullish grip.

Ethereum's derivatives market has also seen increased activity. Over the past 24 hours, $228 million in liquidations occurred, driven largely by $197 million in short liquidations. The move follows a 7% rise on Tuesday, as buyers gained dominance in Binance's Ethereum derivatives market.

What Are Analysts Watching Next?

Standard Chartered has trimmed its medium-term Ethereum price forecast to $7,500 for the end of 2026, down from its previous target of $12,000. The bank cited weaker-than-expected Bitcoin performance as a factor affecting digital asset markets. However, it raised its long-term forecast for ETH to $40,000 by 2030.

Market analysts are closely monitoring the impact of corporate staking on Ethereum's liquidity and governance. BitMine's 4% stake raises concerns about correlation risk and compliance pressure. If technical failures occur in shared systems, the impact could cascade across a significant portion of the network. Additionally, the perception of corporate compliance burdens could affect the asset's neutrality.

Investor sentiment remains mixed. While some see Ethereum evolving into a true balance-sheet collateral asset, others worry about the risks of corporate treasury reflexivity. If financial stress or dilution pressure affects large stakers, it could lead to a repricing of ETH with a higher discount rate. This scenario could push the price lower, potentially reaching $1,800.

Ethereum's role in the broader crypto market also continues to evolve. Wintermute's 2025 report highlighted that liquidity has concentrated in Bitcoin and Ethereum, bypassing altcoins. The shift in capital allocation has limited the spillover effect on smaller tokens.

The market structure has also changed, with traders focusing on generating income through strategies like hedging and yield farming. This shift reflects a move away from directional price bets toward more structured trading approaches.

Investors are watching for signs of ETF and DAT mandate expansion in 2026. These developments could influence capital flow and investor confidence in Ethereum. A wealth effect from a BTC or ETH rally could also drive renewed interest in the broader crypto market.

Overall, Ethereum's performance remains intertwined with macroeconomic factors and institutional actions. The network's capacity to handle increased transaction volume and staking activity will be crucial in determining its future trajectory. Investors and analysts will continue to monitor yield dynamics, liquidity shifts, and governance risks as the market evolves.