Ethereum is edging closer to its all-time high as on-chain activity hits record levels, while a sharp $2.5 billion USDC outflow mostly from Binance raises questions about shifting liquidity in the crypto market, according to CryptoQuant.
Data from the Ethereum network shows daily transactions reaching a record 1.875 million, signaling unprecedented demand for block space. The surge comes as ETH trades just below its historical peak near $4,750, a critical resistance level. A decisive breakout above this zone could push Ethereum into a price discovery phase, while rejection could see a pullback toward the $3,950 support area. Analysts note that high transaction volumes alongside stagnant prices could also indicate network overextension.
Ethereum Approaching Price ATH While Transaction Count Hits Record High
“Ethereum’s network activity has surged to unprecedented levels, with daily transactions reaching an all-time high of approximately 1.875 million.” – By @CryptoOnchain pic.twitter.com/IdZkVHAdTZ
— CryptoQuant.com (@cryptoquant_com) August 13, 2025
In parallel, stablecoin flows point to major structural shifts. Blockchain data recorded over $2.5 billion in USDC outflows from centralized exchanges in a short period, more than 90% of which originated from Binance. Exchange reserves for all platforms fell from roughly $15 billion to $8.2 billion, while Binance’s holdings plunged from $8.5 billion to $3.9 billion.
Despite the large-scale movement, USDC’s price remains stable around $0.99, suggesting the transfers were not immediate sell-offs. The pattern aligns more with large cold storage moves, OTC settlements, or liquidity reallocation into DeFi protocols.
The scale and concentration of the stablecoin exodus have caught market attention, with analysts warning it could temporarily impact trading volumes and alter liquidity dynamics across the crypto sector.
Ethereum’s high-traffic network and the sudden shift in stablecoin reserves put the market at a pivotal moment. Traders are now watching whether ETH’s price can break its long-standing resistance while monitoring stablecoin flows for signs of broader liquidity changes.
Adding to the bullish sentiment, global crypto exchange-traded products (ETPs) saw $572 million in inflows in the week ending Friday, according to CoinShares. The surge reflects improving market sentiment and increasing institutional interest in digital assets.
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