Ethereum hits record transactions, price lags behind

Ethereum hit 200M+ transactions in Q1 2026, driven by Layer 2 and stablecoins. Yet, ETH trades over 50% below its 2025 peak, revealing a usage–price disconnect.

Ethereum set a new milestone in Q1 2026 by processing over 200 million transactions in a single quarter, surpassing all previous records. This achievement reflects a robust U-shaped recovery from the 2023 low of approximately 90 million transactions, with activity stabilizing in 2024 and accelerating throughout 2025. The surge in transactions is primarily fueled by the rapid expansion of Layer 2 networks like Base and Arbitrum, as well as a significant increase in stablecoin usage. Stablecoin supply on Ethereum reached a record $180 billion, accounting for about 60% of the global market. Despite these operational gains, Ethereum's price remains more than 50% below its August 2025 peak of nearly $5,000, currently trading around $2,330–$2,400. The Dencun upgrade has lowered Layer 2 data costs, but the higher transaction volume has not led to increased fees, token burn, or direct value for ETH holders, highlighting a disconnect between network fundamentals and price performance.