Corporate treasuries accumulate $4 billion in ETH, fueling Ethereum’s strong on-chain rally

Ethereum’s on-chain transactions have jumped significantly, hinting at a possible price surge toward $5,000 as both network activity and institutional interest grow. According to recent Nansen statistics,

network fees climbed 35% over the past week, and the number of active addresses rose by 10%, showcasing stronger transaction activity. This uptick directly benefits Ether’s value, since every transaction requires ETH, boosting validator returns and enhancing network security through Ethereum’s burn protocol. Still, validator withdrawal queues remain an immediate challenge: with $12 billion in unstaked ETH, the wait time for withdrawals has reached 46 days.

Large company treasuries are increasingly driving Ethereum’s positive momentum. Over the past month, key players such as Bitming

Tech and The Ether Machine collectively added 877,800 ETH (worth $4 billion) to their strategic reserves. These organizations either stake their ETH or intend to do so, indicating rising trust in Ethereum as a reserve asset. At the same time, spot ETH ETFs now hold $24.7 billion in managed assets, with a single week seeing $213 million in new inflows. As institutional demand rises and exchange ETH balances fall to their lowest point in five years, immediate selling pressure decreases, paving the way for a potential ETH breakout.

Ethereum’s commanding role in decentralized finance (DeFi) further supports its upward trend. Data from DefiLlama shows the network holds 64.5% of all value locked (TVL), far ahead of Solana’s 9%. This dominance, combined with Ethereum 2.0 upgrades that improve scalability and energy efficiency, continues to attract both retail and institutional investors. Analysts point out that Ethereum has outperformed the wider crypto market by 21% over the past two months, highlighting its relative strength during market swings.

Technical analysis also points to a bullish trend. Ethereum’s 50-day moving average recently crossed above its 200-day average—a “bullish cross” that has previously led to short-term price surges. For instance, similar signals in July and August 2025 resulted in gains of 60% and 24%. Nevertheless, BlackRock’s sale of 4,489 ETH ($20.3 million) following a price drop below $4,500 has introduced some caution. This sale, amounting to less than 0.01% of the firm’s ETF holdings, coincided with a simultaneous $209 million

acquisition, highlighting ETFs’ tendency toward established cryptocurrencies.

Forthcoming macroeconomic developments, especially the Federal Reserve’s FOMC meeting, could affect Ethereum’s price movements. With a 95% likelihood of a 25-basis-point rate cut—prompted by slowing job growth and falling mortgage rates—risk assets may benefit. Looking back, a 50-basis-point cut in 2024 after weak jobs data provided similar tailwinds for ETH. Glassnode also reports a 15% increase in long-term ETH holdings since mid-2024, signaling persistent investor optimism.

Although a move to $5,000 seems feasible, there are still risks. The validator withdrawal queue’s normalization could slow momentum, and short-term pullbacks are possible before a sustained rally. However, strong on-chain engagement, growing corporate reserves, and steady ETF inflows offer a solid base for Ethereum to challenge critical resistance points. Traders and investors should keep an eye on technical indicators, FOMC decisions, and on-chain data to validate the bullish outlook.