Ethereum Fundamentals Are At An All-Time High While price action lags, the network just hit a historic peak of 2.88 million daily transactions. This represents a 125% increase year-over-year. The recent network upgrade solved the fee structure, driving real volume in stablecoins and DeFi. But the most significant signal is on the supply side. There are now 36,359,556 $ETH staked. That is 30% of the entire supply locked away. The queue has flipped from withdrawals to deposits – this is institutional capital removing liquid supply from the market.