Ethereum trading slows down, but other metrics show growth in H1
Ethereum completed a highly successful Q1, based on Token Terminal data. While ETH remains stagnant, trading in the $1,700 range, the Ethereum network showed peak activity in the first half of 2026.
During the last six months, Ethereum set a daily transaction record of 3.6M transfers, spread across 600K daily active wallets. Ethereum is still the main hub for DeFi activity, as well as stablecoin transfers.
In total, Token Terminal estimated the Ethereum ecosystem locks $316.2B in all its apps and vaults, up by over 22% in the past quarter. The network still supports lending, liquidity provision, as well as various airdrop farming venues.
The latest Ethereum upgrade also pushed gas fees to new lows, allowing easier retail transactions. As Cryptopolitan reported earlier, some of the activity comes from dust attacks, leading to a wave of drained personal wallets.
Will Ethereum retain its momentum?
Ethereum frontloaded the first half of 2026 with a strong performance in Q1. Some of the momentum in terms of transaction activity continued in Q2.
The biggest driver of value locked for Ethereum is the new wave of asset tokenization. Ethereum has tokenized 1,058 assets, with 199,156 holders, up 11% in the past month. Transactions for RWA tokens also increased by over 30% in the past month. Most asset classes on Ethereum showed year-on-year growth.
|
Asset Class
|
Market Cap
|
QoQ Change
|
YoY Change
|
|
Total Tokenized Assets
|
$203.4 B | -0.7% | +42.9% |
|
Stablecoins
|
$178.9 B | -2.3% | +37.6% |
|
Tokenized Funds
|
$19.4 B | +4.9% | +73.1% |
|
Tokenized Commodities
|
$4.7 B | +60.0% | +325.9% |
|
Tokenized Stocks
|
$365.1 M | +16.5% | — |
The Ethereum network entered a period of transition in H1, after a wave of exits from key engineering experts. The chain now relies on a mix of institutional interest and a return of retail users, as well as the specific attraction of DeFi apps.
Ethereum also relies on attracting larger financial operations through an open on-chain structure, showing the benefits of private networks, according to the analysis by the Etherealize team.
Will ETH reflect the success of the Ethereum chain?
As of June 18, ETH traded at $1,748.28. The asset is down by 17.2% in Q2 to date, after a net loss of 29.1% in Q1.
In H1 to date, ETH open interest also showed a downward trend, sliding from over $17B down to $10B. The ETH fear and greed index moved between neutral and fearful positions. In H1, retail sentiment for ETH remained low. In June, whales also waited on the sidelines, with a 86% drop in large on-chain transfers.
The stagnant ETH price and slower whale activity send a signal of low confidence. The main narrative for ETH is that the token may rise as the network becomes more valuable and used for large-scale financial operations.
One of the expectations for ETH is that increased institutional usage may lead to buying and support the market price.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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