Ethereum Shatters On-Chain Records: $135B DEX Volume, 48M TXs, $240B TVL – What’s Driving It?

Ethereum has smashed multiple on-chain records in August 2025, showing a resurgence of activity across decentralized finance (DeFi) and institutional ￰0￱ to on-chain data, the network recorded its strongest activity since 2021, with decentralized exchange (DEX) volume climbing to $135 billion, total transactions reaching 48 million, and active addresses hitting 15 ￰1￱ sets on-chain activity records In August, DEX volume hit $135B, while transactions reached 48M and active addresses hit 15M. Also, @ethereum TVL has crossed $240B. Over the last months, $ETH rose on ETF inflows despite low on-chain activity, but that’s finally ￰2￱ — ￰3￱ (@CryptoRank_io) August 29, 2025 Total value locked (TVL) across Ethereum-based protocols surged to nearly $240 billion, marking a new high in decentralized finance participation.

Ethereum’s total transaction volume rose to $320 billion in August 2025, the highest in four years, driven by resurgent DeFi activity, institutional inflows, and sharply reduced transaction ￰4￱ ETF Boom Pushes Holdings to $30B, 5.4% of Market Cap The boom coincides with a surge in spot Ethereum ETF activity in the United ￰5￱ ETF analyst James Seyffart reported that Ether ETFs have absorbed nearly $10 billion in inflows since July, bringing total flows since launch to $13.6 billion. NEW: Ethereum ETFs are on an absolute tear. They've taken in nearly $10 billion since the start of July. Here's what their flows look like since launch — nearly $14 billion ￰6￱ — James Seyffart (@JSeyff) August 29, 2025 August alone is expected to close with $4 billion in net inflows, positioning it as the second-largest month on record for Ethereum ￰7￱ comparison, Bitcoin ETFs have registered $622.5 million in net outflows during the same ￰8￱ ETF flows show this ￰9￱ August 21 and 26, spot Ether ETFs attracted nearly $2 billion, dwarfing Bitcoin’s $171 million in ￰10￱ one of the busiest trading days, August 26, Ethereum funds brought in $455 million in new capital, while Bitcoin ETFs managed just $81 million .

BlackRock’s iShares Ethereum Trust (ETHA) dominates the sector, with $17.2 billion in net assets, more than half the market. Fidelity’s FETH follows with $3.7 billion, while Bitwise’s ETHV has grown to $3.2 ￰11￱ from SoSoValue shows U. S.-listed Ether ETFs now hold $30.17 billion in assets, equal to 5.4% of Ether’s total market ￰12￱ flow shift has been stark when compared with ￰13￱ the past five trading days, Ethereum ETFs attracted $1.83 billion in inflows, ten times the $171 million absorbed by Bitcoin ￰14￱ say this marks Ethereum’s strongest monthly outperformance against Bitcoin since Ether ETFs launched in July ￰15￱ Reserves Quadrupled Since April Amid ETF and Treasury Demand Alongside ETFs, corporate treasuries are also fueling Ethereum’s supply ￰16￱ from the Strategic ETH Reserve (SER) dashboard shows that entities and ETFs together now hold 11.2 million ETH, equivalent to 9.3% of the circulating supply.) August 28, 2025 Technical analysts see striking similarities between ETH’s current market structure and its 2020–21 ￰17￱ consolidating for months between $1,000 and $2,000, Ether broke above $2,500 and is now testing higher levels near $4,800–$5,000.

This resistance zone, corresponding with its previous all-time high, has triggered a rejection, raising the possibility of a pullback to $3,600–$3,800 before any sustainable ￰18￱ the 2021 fractal repeats, ETH could be preparing for a parabolic run toward $6,000–$8,000. Ethereum is currently trading at $4,332, down 4.1% in the past 24 hours and 6.1% on the ￰19￱ being 11% below its new all-time high of $4,946 set on August 24, the token remains up 16.6% over the past month and more than 73% in the last three months.