Ethereum News: US$4 trillion trading volume, ETH price rebound and Wintermute trends

Ethereum News Today: ETH transaction volume exceeded US$4 trillion, an increase of 8.3%, and US$160 million in token transfers attracted attention.

Before entering today, Ethereum experienced a period full of events. During the period, three separate developments came together to bring the network back into focus. From a data perspective, the total historical transaction volume of the Ethereum ecosystem has just exceeded the symbolic $4 trillion mark. From a price perspective, fierce short squeeze pushed ETH up 8.3% at one point, and then the gains slowed down. At the chain level, market maker Wintermute sent a large batch of tokens to two major exchanges, a move that attracted close attention from traders. Taken together, these clues provide us with a useful snapshot of the current state of Ethereum, both long-term ecosystem strength and short-term market volatility.

Overview

• Ethereum's cumulative ecosystem transaction volume has exceeded US$4 trillion, accounting for 44.7% of the US$8.9 trillion total tracked by the major Layer-1 network.
• The currency's biggest intraday gain was 8.3%, the most violent volatility in nearly three weeks, triggering a short liquidation of more than $300 million.
• Wintermute transferred 61,847 ETH (worth approximately US$160.3 million) to Binance and Coinbase in three hours, attracting the attention of chain observers.
• ETH prices are currently trading around US$2,510.63, up 2.1% in the past 24 hours, with trading volume of approximately US$24.5 billion and a market value of nearly US$306.6 billion.

Source: Coingecko data

Ethereum ecosystem transaction volume reaches US$4 trillion

According to data shared by Everstake, Ethereum's historical cumulative ecosystem transaction volume has now reached US$4.0 trillion, accounting for 44.7% of the US$8.9 trillion total tracked by the main Layer-1 blockchain. For reference, BNB Chain's transaction volume is US$2.5 trillion and Solana's is US$1.7 trillion, which means that the transaction volume of the Ethereum network alone exceeds the total of the two networks.

What needs to be precise is what this number represents. This is not market capitalization of Ethereum, nor does it cover every category of activity on the chain. Instead, it reflects the total value of transactions executed on decentralized spot exchanges within the Ethereum ecosystem. Image link

Source: Everstake Pool Blockchain

Cumulative ecosystem TV tracking volume share Ethereum $4.0T44.7%BNB Chain $2.5T-Solana $1.7T-tracked L1 networks $8.9T100% Why Ethereum still leads among major L1 networks

Despite facing fierce competition from the new chain in recent years, this milestone highlights the huge trading activity accumulated on Ethereum. Both Solana and BNB Chain have achieved significant growth, but Ethereum's decentralized exchange ecosystem still retains nearly half of its tracked transaction volume. This model points to the depth and maturity of Ethereum's DeFi infrastructure rather than a single catalyst-a result of continued use over multiple market cycles.

ETH prices rose 8.3%, and short sellers faced huge liquidations.

In addition, according to Bloomberg, ETH's biggest intraday gain reached 8.3%, the largest one-day gain in nearly three weeks. During the same period, Bitcoin fluctuated by less than 4%, and both assets fell back after hitting highs. Coinglass data showed that the rally was accompanied by a massive liquidation:

• Short Ethereum positions worth more than US$300 million were liquidated, while approximately US$212 million of short bitcoin positions were liquidated.
• Across the broader cryptocurrency market, joint clearing of long and short positions totals approximately US$668 million.

LO: Adam McCarthy, director of research at TECH, attributed part of the market to short squeeze. Prior to this, the funding rate for Ethereum perpetual contracts turned negative, meaning short sellers had to pay fees to hold their positions. As prices began to climb, those short positions were forced to close, fueling the rally.

Source: Wu Blockchain

Ethereum rebound timeline

Before the rebound in development, ETH perpetual capital rate turned negative and the rebound began as ETH rose, Short positions face pressure intraday peak ETH gains as high as 8.3%. The wave of liquidation exceeds US$300 million ETH short positions are affected by the clearing market. Total liquidation reaches approximately US$668 million. After soaring ETH and BTC fall back from intraday highs. Current snapshot ETH trading price is around US$2,510.63, up 2.1% in 24 hours Wintermute transfers 61,847 ETH to Binance and Coinbase

Adding another layer to today's event, online analytics platform Lookonchain reported that market maker Wintermute deposited 61,847 ETH worth approximately US$160.3 million into Binance and Coinbase in approximately three hours.

Large exchange deposits like this do not automatically recognize sales. They may reflect several possibilities: preparation for sale, routine liquidity management, market-making operations or other treasury activities. Traders tend to monitor these transfers closely because large deposits from well-known market makers can sometimes signal changes in available liquidity, even if there are no confirmed transactions to be sold.

What Ethereum traders are concerned about after the latest developments

As these three developments unfold, several signals are now appearing on traders 'radar: whether

• tokens can be maintained above US$2,500.
• Whether the wave of short liquidations continues to support upward momentum.
• How does the perpetual capital rate perform after the squeeze?
• Whether more large tokens are being transferred to centralized exchanges.
• Comparison of transaction volume in the Ethereum ecosystem with competitor L1 networks.
• Does the current rally transform into sustained buying or fade after the squeeze driven momentum is exhausted?

Conclusion: What does the latest data mean for ETH

Taken together, the day's news painted a mixed but information-rich picture. The US$4 trillion ecosystem milestone highlights Ethereum's long-term dominance of on-chain trading activity, while the 8.3% rebound and short squeeze liquidations reflect recent volatility driven by positions rather than fundamental shifts. Wintermute's exchange deposits add a layer of caution but do not confirm any specific market outcome. For now, the market's attention is turning to whether the coin can sustain its recent gains, or whether this is just a brief, liquidation-driven rally.

Disclaimer : This article is for reference only and does not constitute financial or investment advice. The cryptocurrency market is extremely volatile, and readers should conduct their own research or consult a licensed financial adviser before making investment decisions.