Ethereum Usage Metrics Elevated Amid Low Transaction Costs
The Daily Crypto Update for Institutional Investors
There has been a notable uptick in Ethereum usage metrics over the past several weeks - We discuss the development in this AM’s note
In 2025, Ethereum underwent two upgrades Pectra and Fusaka. In broad terms, together, these upgrades improved the network’s scalability, usability, and efficiency, making it cheaper to transact, easier to use, and better suited to support growing on-chain activity. For Ethereum proponents, the notable uptick in usage metrics suggest that the upgrades are having the desired effect, i.e. driving new usage and adoption of the network while keeping transaction costs low. These increased usage metrics include:
Daily transaction count: Last week Ethereum achieved an all-time high 2.86M daily transactions. Ethereum had previously set a record for the metric in late December, achieving 2.21M daily transactions. The 30-day moving average of daily Ethereum transactions is now at an all-time high as well, 1.99M. Additionally, the 30-day moving average of the metric is now ~20% higher than the previous record, set in August of last year.
The number of active addresses: The number of active addresses on the Ethereum network, defined as, ‘[t]he number of unique addresses that were active in the network either as a sender or receiver,’ has reached 1.04M. This is the highest level for the metric since December 2022. The 30 day moving average of the metric is currently 517,649, the highest level since May 2021.
Proportion of ETH’s supply deployed in staking: Last week, the proportion of ETH supply that is staked reached a record high of 30%. At the moment, 36.11M is staked, worth USD ~116.28B. Additionally, the queue to remove ETh from staking has dropped to just 64 ETH after maintaining record high levels throughout late 2025.
In parallel to the elevated usage metrics, the US dollar value of average Ethereum transaction fees have trended lower in 2025. In December, the average Ethereum transaction fee was just USD 0.22. For context, the highest monthly average for transaction fees on the network was USD 46.38, achieved in November 2021. A total of USD 11.50M transaction fees were paid in December 2025 on the network, compared to USD 1.81B in November 2021, the record high for the metric. Ethereum transaction fees are a function of demand for using the network on one hand, and the network’s throughput capacities on the other.
Takeaway: For Ethereum proponents, all-time high usage metrics, paired with dropping transaction fees, suggest that the network’s technical vision and roadmap is playing out. Previously, a prominent criticism of Ethereum was that it was too expensive and lacked the throughput capacity to support growing interest in blockchain for applications such as tokenization or payments via stablecoins.
CRYPTO HEADLINES
The NYSE is developing a platform enabling on-chain settlement and 24/7 trading of tokenized US equities and ETFs, pending regulatory approval. The project integrates NYSE’s Pillar engine with ‘blockchain-based post-trade systems, including the capability to support multiple chains for settlement and custody.’ The new platform will ‘enable tokenized trading experiences, including 24/7 operations, instant settlement, orders sized in dollar amounts, and stablecoin-based funding.’ The collaboration involves banks including BNY (NYSE: BK) and Citi (NYSE: C). - link - @ICE
Anchorage Digital is seeking to raise between USD 200M and USD 400M ahead of a potential initial public offering next year, according to unnamed sources. The digital-asset custodian previously raised USD 350M in 2021, valuing it at over USD 3B. Anchorage is described as still finalizing its valuation plan. - link - @Bloomberg
Sui blockchain was restored on January 15 after a network-wide outage halted block production for nearly six hours. The incident, which froze transactions and required a team fix, was the platform’s second major disruption since its 2023 launch. - link - @Unchained
Paradex, a decentralized exchange on Starknet, reversed its blockchain after a database error sent BTC’s price to zero and triggered mass liquidations. Trading resumed after eight hours, all user funds were reported safe. - link - @CoinDesk
Global crypto investment products recorded net inflows of USD 2.17B last week, the highest since October 2025, according to CoinShares. The majority of inflows occurred before USD 378M in outflows on Friday, which was attributed to macro and geopolitical factors. US spot BTC ETFs contributed USD 1.4B; ETH products saw USD 496M. - link - @TheBlock
The Reserve Bank of India is urging its government to propose connecting BRICS nations’ central bank digital currencies (CBDC) at the 2026 summit. The initiative aims to facilitate cross-border trade and tourism while reducing US dollar reliance. All BRICS core nations continue CBDC pilots. - link - @CoinDesk
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CHART OF THE DAY
The average transaction fee on the Ethereum network remains low, in line with trends over the past year, despite a significant uptick in usage metrics.
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