The total monthly transaction volume on the Ethereum network hits a new record of 72.8 million transactions, and on the surface, it appears to be a strong indicator of network activity, but the actual market impact shows a complex pattern of variation.

Fundamentally, the growth in transaction volume mainly comes from token transfers (accounting for 62%), indicating that demand for Ethereum as a settlement layer remains strengthening. But DeFi transactions only make up 8%, reflecting that on-chain risk appetite remains cautious, and a thriving economy has not yet formed. At the same time, after the Dencun upgrade, Layer 2 has directed a large portion of transactions, and gas fees on the main network have remained low in the long term, reducing the fee burn mechanism for ETH — the more the network is busy, the less ETH is burned as in previous bull markets.
On the price side, ETH is currently around $2,300, significantly below its peak in 2025, nearly halved. The clear divergence between high transaction volume and weak price suggests that the market does not see this as a bullish catalyst. The main reason is that the emergence of Layer 2 makes it harder for ETH to benefit from network growth value; additionally, tightening overall liquidity puts pressure on the valuation of risk assets.
In the short term, this data is more technically supportive, and it is difficult for the market to reverse direction independently. In the medium to long term, it depends on whether value absorption mechanisms can be improved through upgrades like Pectra; otherwise, the gap between “high usage and low price” may persist.#Gate广场五月交易分享