Ethereum (ETH) had one of its busiest months in years this August . Growth hit new highs, driven by more companies using the network, strong demand for Ethereum ETFs, and lower transaction costs. Although the price of ETH has pulled back from its peak, the underlying signals point to a blockchain entering a new phase of strength. Ethereum Onchain Activity Hit New High Reportedly, Ethereum blockchain processed more than $320 billion in adjusted onchain transfers in August. This was the highest figure since May 2021 and the third-largest month ever recorded. It includes both regular transfers and decentralized finance (DeFi) activities. This momentum shows just how much economic activity is flowing through the network. Daily and monthly transactions hit new highs, and active ETH addresses came close to breaking records. The total value locked (TVL) in Ethereum stayed near its all-time peak, showing that money is still flowing into DeFi and smart contracts. Staking activities on the network also reached record levels. Validator exit requests hit all-time highs, while entry requests reached their strongest levels in two years. Much of this activity is linked to the rise of liquid restaking protocols. These protocols collected tens of billions of dollars this month as operators sought better yields and liquidity. This churn has not weakened Ethereum. Instead, it has created new layers of activity and liquidity across the network. Corporate Treasuries and ETFs Boost Demand for ETH Big companies added a lot of Ethereum to their balance sheets in August. Public firms increased their holdings from about $4 billion to more than $12 billion in just one month. Two of the biggest buyers were BitMine Immersion and SharpLink Gaming . At the same time, spot Ethereum ETFs saw heavy trading. At the time of writing, these funds together owned over 5% of all Ethereum, with steady inflows showing strong investor interest. This shows that both companies and everyday investors are treating ETH as a valuable asset to hold for the long term. Ethereum’s momentum has grown with lower fees and key upgrades. The Dencun upgrade, released in March 2024, and the Pectra upgrade, rolled out earlier this year, have made Ethereum more scalable, affordable, and easier to use, supporting long-term growth. ETH Gains Momentum but Still Below Record High Ethereum gained from bigger market trends. Some big Bitcoin holders moved money into ETH, which pushed up the ETH/BTC ratio this year. At the same time, U.S. public sector tests using Ethereum to share economic data showed that the blockchain can be used for more than just finance. Bank analysts, like those at Standard Chartered, say Ethereum is still undervalued compared to its growth in treasuries, ETFs, and onchain activity. Even with these positive signs, ETH is still 12% below its record high, trading at around $4,411, down by 4.28%, according to CoinMarketCap . The post Ethereum Nears All-Time Highs as Network Activity and ETF Flows Surge appeared first on TheCoinrise.com .