Ethereum recorded a new high of 3.6 million daily transactions and around 600,000 daily active wallets in the first half of 2026, highlighting strong network usage despite weak ETH price performance.
Ethereum’s network activity has picked up, even though ETH is still stuck below $1,800. Token Terminal’s Q1 2026 data show record usage on the network.
Average monthly active addresses rose to 13.2 million, up 85.9% from a year earlier, and Layer-1 transactions climbed to 200.4 million, an 81.5% increase year over year.
The price has not really followed. Ether was trading around $1,687 on June 18, down about 3.4% on the day, as broader caution kept sentiment muted.
Ethereum feels a little out of sync right now. The network is clearly getting busier, but ETH itself has not really caught up and is still stuck in the upper-$1,000 range.
That mismatch stood out even more in Q1 2026. Ethereum’s Layer 1 saw a sharp jump in use, with monthly active users climbing to 13.2 million, nearly 86% higher than a year earlier.
Transactions went up too. The network handled about 200.4 million transactions in the quarter, up 81.5% from Q1 2025.
The network also got faster. Average throughput climbed 41.2% from the previous quarter to 25.78 transactions per second.
Put simply, more people are using Ethereum, more transactions are moving across the network, and activity is clearly rising. Ethereum handled about 200.4 million transactions in the quarter, which was up 81.5% from Q1 2025.
It also got noticeably faster, with average throughput rising 41.2% from the previous quarter to 25.78 transactions per second. So yeah, the network is clearly busier and not just a little.
The price just has not caught up yet. So far, though, that growth hasn't translated into a major move in ETH price.
Notably, this surge came as network fees plunged. Total Layer 1 transaction fees in Q1 were only $39.9 million, down 47.9% from the prior quarter and 81.9% from a year ago.
Analysts attribute this to recent scaling upgrades (such as the “Blob” expansion), which greatly increased block space.
In effect, block capacity has outpaced transaction growth, so costs per transaction have fallen sharply. The result is a classic Moore’s Law–type trade-off: cheaper, higher-throughput infrastructure is drawing more usage.
Other fundamentals are also strengthening. About 31% of all ETH is now staked to help secure the network, up from 28% a year ago. That suggests many holders are still committed for the long haul despite the market's ups and downs.
Everyday users haven't backed away either. In the first quarter, around 293 million wallet addresses held ETH, up nearly 25% from the same period last year.
Ethereum news is filled with positive signals about adoption and usage: more users, more transactions, and more holders, even though revenue per user has fallen in the short term.
On-chain data reveal that large-scale Ethereum transfers have stalled. Analytics firm Ali Martinez reported that “whale” transactions on the ETH network fell from 2,194 on June 5 to just 294 recently – an 86.6% collapse.
Such a sharp drop suggests major holders are largely on the sidelines. Fewer large trades can mean institutions are reluctant to buy or sell until they see stronger signals.
It also aligns with the current market mood: after a minor rebound, ETH is struggling to break out of the $1,700–$1,800 range.
Crypto has had a rough backdrop lately. The Fed is still cautious, risk appetite has cooled, and money is getting pulled in other directions. So, honestly, it is not surprising that a lot of big players are just sitting tight.
That said, not everyone is waiting around. Former BitMEX CEO Arthur Hayes looks like he is leaning the other way and buying ETH while the market is still flat.
On-chain data suggests he added about 2,900 ETH, worth roughly $5 million, over the past few days. That includes around 1,500 ETH last week, or about $2.63 million, after another 1,400 ETH before that.
It does not prove anything by itself. But it is the kind of move that gets attention, because people like Hayes do not usually buy just for the headline. It reads more like a bet on Ethereum’s longer-term case than a trade for next week.
In related Ethereum news, Hayes’s activity stands in contrast to other markets: after causing a stir by shilling altcoins, he is now reinforcing his bet on ETH.
Still, Ethereum news on the price front is less upbeat. Ether has traded below $1,800 since early June. As of June 18, TradingView shows that ETH price is at about $1,687.
That same day the Federal Reserve held rates steady but signaled a “higher-for-longer” policy stance, which spurred a broad risk-off move.
Bitcoin and ether both slid (Bitcoin was around $64,000) as traders turned cautious. The sharp macro-driven swing helped cap ETH price recovery despite the network’s strong fundamentals.
Technical analysts say ETH is hovering below the support in the $1,700 to $1,800 area, with a few key chart levels sitting around there too.
Some traders think it could bounce if that zone holds. Others say a break below it could send ETH toward $1,300, or maybe even lower.
As one market observer summarized, major upgrades have boosted capacity, users are flocking in, and even high-profile insiders are buying.
Yet the Ethereum price has not yet reflected these gains. In that way, the network looks pretty healthy on the user side, even though the token price is still stuck.
The latest Ethereum news points to a split: activity and engagement are running near record levels, but ETH is still having trouble getting back above $1,800.
Traders are going to keep watching to see which story wins out. If macro pressures ease, the gap between Ethereum’s growing usage and its soft price may start to close.
Until then, however, crypto investors can count on strong network data as one bright spot in an otherwise cautious market.
No comments yet
Be the first to share your take when accounts launch.
