Ethereum Staking Hits Record 40.2M ETH as Blockchain Activity Climbs Despite Falling Revenue

According to Bitwise's second quarter research, blockchain activity climbed across major networks in Q2 despite cryptocurrency prices falling and network revenues declining sharply. Ethereum recorded an all-time high of 40.2 million ETH staked, equivalent to about 33% of its total supply, driven largely by institutional participation including exchange-traded funds and corporate treasuries.

Ethereum's network revenue fell to approximately $64 million while Solana's declined to $51 million, as protocol upgrades expanded blockspace and reduced transaction costs. Avalanche saw transaction volume surge about four times year-on-year following similar upgrades, demonstrating that stronger network usage does not necessarily translate to higher revenue when transaction fees become significantly cheaper.