Latest data shows that the daily transaction volume on the Ethereum network has surpassed 1.74 million, exceeding the peak level of the 2021 bull run. This phenomenon is not merely the result of short-term speculation, but rather reflects a structural recovery trend.

Over the past week, the volume has remained near its peak levels, indicating that a large number of real transactions, contract deployments, and calls are occurring frequently. This sustained high level of activity is worth our in-depth consideration.

In this round of activity growth, stablecoins and ETH reserves played a key role. Stablecoins like USDe, USDT, and DAI are reshaping the landscape of on-chain capital flows. At the same time, an increasing number of project teams and companies are choosing to use ETH as their on-chain liquidity reserve, which has directly driven a significant increase in network activity.

However, interestingly, despite the on-chain activity being so active, the price of ETH remains relatively calm. This contrast may stem from several factors: ETF applications have not yet been approved, a large amount of capital is still waiting on the sidelines, and the market has not yet established a new pricing model for the on-chain reserve era.

Looking to the future, when ETH truly becomes a stakable, income-generating, and custodial asset, and is included in the portfolios of more sovereign funds and family offices, its valuation framework may undergo a fundamental transformation. ETH has the potential to shift from a high-risk asset to a new generation of digital sovereign bonds.

Although this shift may not happen immediately, the current on-chain data has already outlined the future development contours for us. Market participants should closely monitor these indicators as they may signal significant changes coming to the cryptocurrency ecosystem.