Ethereum's trading volume hits an all-time high - Staking and SEC regulation clarification provide support | CoinDesk JAPAN

• The transaction volume on the Ethereum network has reached an all-time high due to the increase in staked ETH and support from regulators for liquidity staking.
• The SEC clarified that certain liquidity staking activities do not constitute securities, enhancing interest from institutional investors.
• The price of Ethereum has surged by 163% since April, attributed to the increase in corporate staking and the rise in holdings as financial assets.

The transaction volume on the Ethereum network has reached an all-time high. This is due to the regulatory easing regarding liquidity staking, which has led to the amount of staked Ethereum (ETH) reaching a record high.

The average daily transaction volume on the blockchain reached 1.74 million earlier this week, surpassing the previous record of 1.65 million set on May 12, 2021.

This surge in activity is due to the statement made by the U.S. Securities and Exchange Commission (SEC) that specific liquidity staking activities and "staking receipt tokens" do not qualify as securities under the Securities Act of 1933, provided that they meet certain strict requirements.

Such views are bullish. Legal uncertainties are alleviated, making it easier for institutional investors and platforms to offer liquidity staking products. This could expand the demand for staking tokens like ETH, further lock up supply, and reduce selling pressure, potentially supporting price increases.

According to data from Dune Analytics, currently more than 36 million ETH, which corresponds to about 30% of the supply, is locked in staking contracts. This indicates that holders are willing to sacrifice liquidity to pursue yields as the price aims for the $4000 range since December.

The price trend of ETH is also supported by the expansion of "crypto asset financial companies" that purchase and hold tokens directly or through dedicated products.

Currently, companies holding ETH possess ETH worth $11.77 billion (approximately ¥1.70665 trillion, based on an exchange rate of ¥145 per dollar), which is the second-largest cryptocurrency by market capitalization. Among them, BitMine Immersion Technologies holds 833,100 ETH (approximately $3.2 billion, about ¥464 billion), SharpLink Gaming holds $2 billion (approximately ¥290 billion), and The Ether Machine holds $1.34 billion (approximately ¥194.3 billion).

Vitalik Buterin, co-founder of Ethereum, supported this trend in a podcast on August 7, stating that ETH finance companies provide options for investors, particularly those with different financial constraints. However, he warned that excessive leverage could have counterproductive effects.

"It's a good thing that ETH can be held as an asset by companies as part of their finances, and it has value. It's a good thing to give people options," said Mr. Buterin.

"If three years from now, I'm told that 'finance led to the collapse of ETH,' I would speculate in some way that it turned into an excessive leverage game," he stated on the Bankless podcast, explaining a scenario where forced liquidations could lead to a cascading drop in prices.

Buterin expressed confidence that ETH investors can avoid such pitfalls, joking that "they are not followers of Do Kwon, the founder of the failed Terra project."

Are ETH Treasuries good for Ethereum?@VitalikButerin thinks they can be:

“ETH just being an asset that companies can have as part of their treasury is good and valuable… giving people more options is good.”

But he also issues a warning:

“If you woke me up 3 years from now… pic.twitter.com/W55oUD7Lke

— Bankless (@BanklessHQ) August 7, 2025

ETH has risen 163% from the April low of $1,470 and is trading around $3,900. This has narrowed the performance gap with rivals Bitcoin (BTC) and Solana (SOL).

According to CryptoQuant's Onchain School, over 500,000 ETH (approximately $1.8 billion, around ¥251 billion) were staked in the first half of June alone. The company stated that this trend indicates "a growing sense of trust and a continued decrease in liquidity supply."