Transaction volumes on the Ethereum network are nearing a four-year high, with onchain volume exceeding $238 billion in July.

Last month’s transaction volume represents a 70% increase from June, and the highest monthly volume since December 2021, according to data from The Block.

Daily transactions on Ethereum also soared to 1.88 million on Wednesday — the highest level since the record 1.96 million on January 14, 2024.

This story is an excerpt from the Unchained Daily newsletter.

“The trend is clearly up in 2025, with daily transactions now up ~+50% since the beginning of the year,” said cryptohuntz, portfolio manager of onchain DeFi fund Alphaverse.

Cryptohuntz also noted that the total balance of ETH on centralized exchanges is currently at a level last seen on July 18, 2016 when ETH was trading at just $12.

“Supply shock x demand shock = the most important macro trade in the next decade,” said cryptohuntz.