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You thought he was dead, but on July 30, 2025, Joseph Lubin, co-founder of Ethereum, and his ConsenSys group will be at the Nasdaq to ring the closing bell, celebrating the tenth anniversary of Ethereum. [Music] [Applause] [Music] [Applause] And it's not the only achievement to celebrate, because by analyzing the July 2025 transactions on the Ethereum blockchain, focusing specifically on the number of transactions that occurred, we notice that the previous maximum of 10.6 million transactions on May 3, 2021, was surpassed on July 28, 2025, with a number of transactions reaching 11.72 million. Now, someone might say, "Wow, who knows how many fees you have to pay now to transact on Ethereum." Here are the average fees per transaction. From IntoTheBlock data, we have a peak on August 31, 2020, of 0.022 Ethereum. Let's see instead what the fees were during the period when we recorded the previous maximum number of transactions, so May 2021, and we see they were 0.01 Ethereum. Comparing them with the transactions of July 28, 2025, the day the new maximum for the quantity of transactions executed was achieved, we have an average fee of 0.0022 Ether. From this graph, it is clear that current fees are practically 100 times lower compared to the maximum recorded on August 31, 2020, and instead 98% lower compared to the period when the previous maximum on the quantity of transactions executed on the blockchain was registered. Doing the dollar equivalent as well. Practically, we are talking about that on August 31, 2020, converting to dollars at the Ethereum price on that date, it was $10. Instead, in 2021, the price of fees was around $45. Instead, the fees on July 28 are at a price below one dollar. So, if you are among those who still think that transactions on Ethereum cost too much, I suggest you try it. The growth in the number of transactions on the blockchain is due to the ever-increasing number of companies wanting to develop products on this blockchain, such as Bidget, which joins the Global Market Alliance promoted by Hondo to list over 100 tokenized stocks. PayPal, which enters the era of cryptocurrency payments by enabling the "Pay with Crypto" function. And again, DWS Group of Deutsche Bank, together with Dutch market maker Flow Traders and financial services provider Galaxy Digital, announce the launch of a stablecoin, and this stablecoin will be issued precisely on the Ethereum blockchain. Finally, there are also other players like Interactive Brokers who are considering launching new stablecoins for their clients. But let's also compare the volumes of DEXs running on Ethereum. DEXs are decentralized exchanges, so those platforms where it is possible to exchange crypto without an intermediary, because we go to the site, connect our wallet, and execute the exchange. In May 2021, so let's always use the previous dates we saw as a reference, we have a trading volume of 117 billion. Consider that each column here represents a month. Below you have the years. Let's go to July, and in July we have 86 billion. Practically, we are 26% down from May 2021, which still represents the absolute maximum. Instead, it is in line with the volumes of October 2021 and January 2022, where we were at the end of the previous cycle, and indeed, this decrease in volumes is then noted throughout the subsequent period, but since the end of 2024, good trading volumes have returned, in line with the increase in interest we have seen for this blockchain. Since for every transaction executed on Ethereum, a certain amount of Ether is burned, high network activity and therefore more transactions lead to the removal of more Ether in circulation. In fact, by analyzing Ethereum's issuance, we note that in the preceding 30 days, as well as in all other periods examined, we have a negative net issuance, meaning more Ether has been burned than issued, with a current circulating supply of 120,670 Ether. Moving on to staking, in the graph below, we can see the amount of Ether staked in orange, in the columns at the top, and the amount of Ether unstaked in the green columns at the bottom. The difference between these columns gives us the net flows per period in the table, and all three are positive, meaning more Ether has been staked than unstaked. At the time of extraction, there are 36 million Ether staked, which corresponds to 30% of the circulating supply, meaning of all the Ether in circulation. Putting the data in relation to the previous month's data, we find an alignment of data for issuance. The -45% stands out, but I remind you that in the previous month we had a really high amount of Ether staked, we had exceeded 1.2 million, and staking activity itself has been included in BlackRock's Ethereum ETFs, submitting a request for approval to the SEC, which has officially reviewed the submitted proposal, and consequently, the approval of this operation means that whoever buys the Ethereum ETF will benefit from passive interest derived from the transaction validation activity on the Ethereum blockchain. And focusing on BlackRock's portfolio and analyzing the amount of Ethereum held in this portfolio, we can note that in July there was a vertiginous increase in Ether entering these addresses, meaning we went from 1.8 million at the beginning of July to practically 3 million, and they now hold about 2.5% of all Ether in circulation. In fact, analyzing the transactions associated with Ethereum ETFs, from the graph below on the left, a surge is observed in the last period, which has brought the total Ether managed by these instruments to 5,600,000, corresponding to 4.7% of the total circulating supply. And for all three periods examined, we have positive net flows, meaning more Ether has been bought than sold, and these net flows are really significant, and putting them in relation to the previous month's data reveals an even more pronounced accumulation phase. But the high demand for Ether is not only on ETFs; by analyzing the net flows of exchanges, meaning deposits and withdrawals on those trading platforms where it is possible to buy or sell Ether, a constant outflow of coins is observed, leading to a negative net flow of almost 1.6 million, meaning 1.6 million more Ether has been withdrawn than deposited. Similarly, for the other two periods examined, putting the data in relation to the previous month's data, we also find an increase in accumulation here. This phenomenon is likely due to companies that already have a reserve in Ether and are increasing the quantities they hold, such as SharpLink, or like Bitmine, which in July surpassed SharpLink, positioning itself in first place among companies holding more Ether as treasury, or it's thanks to companies like GameSquare, which increases its reserves by purchasing an additional 2700 Ether, or it's thanks to new companies deciding to also establish Ether reserves, such as 180 Life Science, which closed a private placement of $425 million to create its Ethereum treasury, or it's thanks to companies that are changing their treasury from Bitcoin to Ethereum, as Bit Digital has done. It is not possible to establish this with certainty. The only thing that is certain is that Ether reserves on exchanges are on a downward trend, currently at historic lows. We are around 16 million compared to the 18 million that was the low in 2018. Therefore, currently, according to this graph, only 13% of all Ether in circulation is present on exchanges. Focusing on the net flows of large holders, meaning those portfolios with a balance equal to or greater than 120,000 Ether, and by subtracting the data from the graph we saw of exchange net flows, we also notice here, across all three periods examined, a significant greater inflow compared to outflows of Ether from these addresses, and here too, the data is higher than the previous month's data. By relating the graphs of exchange net flows and holder net flows, we can understand who the prevalent activity in that period is attributable to. When the blue line deviates from this dashed line, which is 0%, it means the activity is predominantly attributable to large holders; conversely, it is attributable to exchanges. Here, the blue line is practically always far from this dashed line, so the activity for the entire period is attributable to holders. Below, we have the detail of the breakdown of all addresses present on the blockchain into three clusters: Whales, Investors, and Retail, where Whales are those portfolios with a balance exceeding 1 million Ether. Investors have a balance between 120,000 and 1 million. Retail are those with a balance below 120,000. This is the percentage breakdown observed at the time of the snapshot, and comparing it with the previous month, we find that Whales have increased the quantity of Ether held by over 1 million units, just as Retail have also increased the quantity of Ether held, reaching 44.7%. Conversely, there is a reduction in Investors' portfolios, who are decreasing their positions by 1.31 million Ether, reaching 8.4%. But the supply that these latter have put on the market has been far surpassed by the demand from Whales, millions, and Retail, by 1.38 million. Before reaching the conclusions, let's look at the weighted average prices I extracted based on the data we just saw, divided by support and resistance, where in the support column are the average prices corresponding to how many times Ether has been bought on ETFs, withdrawn from exchanges, and entered into holder addresses. In the resistance column, instead, it corresponds to the average price of how many times Ether has been sold through ETFs, deposited on exchanges, and exited from holder addresses. Here we are on the Ethereum dollar chart to update the price levels with those we have seen. Obviously, given the current value, we need to enter all the prices indicated in the support column, so 2651, 2380, and 3269. Conclusions: We have the entire table in green with absolutely super positive data. There is a consistent demand that is increasingly being felt. It should also be noted that 30% of Ether is locked in staking, and only 13% of Ether is available on exchanges. I can only confirm positive signals across all periods examined. Remember to like the video and subscribe to the channel if you don't want to miss future updates, and I'll see you in the next video. [Music] I've been trading for 25 years, but I learned something new tonight too, and so I wanted to thank you. >> I've achieved, in my opinion, with these videos, the fact that when you need it, you open the video, and it's a basis on which to rely and start, right? It's a certainty, not a small thing. [Music] [Music] Hey [Music] [Applause] [Music] [Applause] [Music] [Music] Hey [Music] Good morning everyone. I'm making this reflection on the general chat because this reflection is about what Francesco has done for all of us, giving us the opportunity to subscribe to a channel like his and finally live these situations that are happening these days not as scared people but as protagonists. So the only thing to say, apart from thank you, is to try to make those outside a group like ours understand that subscribing to High Frequency is like buying Bitcoin; it's an investment in value. Thanks again, Francesco. C. [Music]