Ethereum's daily on-chain transaction volume now averages over $17 billion, edging past Bitcoin's $16 billion according to 2025 data cited by market analyst Nomad. The gap highlights how Ethereum's network is being driven by DeFi, stablecoins, and tokenized assets rather than simple value transfer. Meanwhile, large investors have been accumulating ETH consistently for more than two years — and the current price of $2,381 sits right at a level that could determine the next move.
Volume flip reflects usage
Nomad's data shows Ethereum's daily on-chain value movement regularly exceeds Bitcoin's by about $1 billion. That's a reversal from earlier years when Bitcoin dominated raw dollar volume. The difference is structural: Ethereum's ecosystem processes a constant stream of DeFi swaps, stablecoin settlements, and token issuance, while Bitcoin's network focuses on fewer but larger transactions, typical of a store-of-value asset. The flip isn't a one-off spike — it's been sustained on 2025 averages.
Two years of whale buying
Whales have been accumulating Ethereum throughout a wide price range of $2,200 to $4,800, according to on-chain data. That means they bought during dips and during rallies, showing conviction that isn't easily shaken. A two-year accumulation period is unusually long — most whales cycle in and out faster. The persistence suggests they see long-term value even when the market was choppy.
Price at a key threshold
Ethereum's current price of $2,381 is near the Realized Price of accumulation addresses — essentially the average cost basis of those consistent buyers. When an asset trades at or below that level, it often acts as support; above it, as a springboard. Right now, ETH is essentially flat against that number. A break below could test the patience of even the most committed whales. A bounce from here would confirm the accumulation thesis.
No major catalyst is scheduled this week, so the market's focus remains on whether $2,381 holds as support or gives way. The whales have done their part. Now the price has to follow.
