- Why did the price of Ethereum increase by 5% last week:

U.S. exchange-traded funds (ETFs) (ETH) listed on the spot market are heading toward ending the week without any outflow days after attracting $474.4 million over four consecutive days of net inflows — the longest streak since November, according to SoSoValue data.

This move has led to a surge in the traditional cryptocurrency market, where 175,000 Ethereum have been transferred from exchange reserves to private wallets, according to CryptoQuant data.

Meanwhile, the amount of Ethereum deposited has risen in tandem with the validator queue to new all-time highs. Total deposited Ethereum is nearly 36 million, while the validator queue size has increased to 2.54 million ETH.

Ethereum validator queue. Source: Validatorqueue

Most of the storage inflows come from Bitmine, a company specializing in Ethereum vaults, which stored 1.68 million ETH last month.

Meanwhile, the Ethereum network has experienced record growth in activity over the past few weeks. The total number of transactions hit a new all-time high, while active addresses reached their highest level in nearly six years.

Monthly Ethereum activity retention rate. Source: Glassnode

This growth is largely driven by a massive increase in the number of new addresses rather than existing users. Over the past thirty days, monthly network activity retention data (MoM) showed a sharp rise in the "new" category, which includes wallets interacting with the network for the first time.