Monthly Transaction Record in July

July 2025 marked a major milestone for the Ethereum network. A total of 46.67 million transactions were recorded throughout the month — the highest monthly transaction count in Ethereum’s history. On August 5, the number of active addresses also rose to 683,520, approaching the all-time high of 743,730 from May 2021.

This surge came shortly after Ethereum increased its block gas limit to 45 million, enabling the network to process more transactions at once and improving overall scalability.

DeFi, Stablecoins, and Treasury Strategies Drive Growth

According to Presto Research analyst Min Jung, the surge in daily transactions reflects the rising activity within the DeFi space. There has been a notable increase in stablecoin-based transactions, fueled by growing interest in yield strategies amid expectations of interest rate cuts. From point farming to on-chain treasury placements, a range of activities has contributed to this momentum.

Vincent Liu, CIO of Kronos Research, also emphasized the role of institutional interest in Ethereum, supported by the U.S.’s ongoing push to bring regulatory clarity to the crypto space and growing corporate demand for digital asset exposure.

An increasing number of companies are adopting Ethereum treasury strategies to diversify their balance sheets and attract investors interested in digital assets. According to recent data, the total value of ETH held by publicly traded companies has surpassed $7.5 billion.

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CLARITY and GENIUS Votes 

Among the key regulations during Crypto Week, the 2025 Digital Asset Market Structure Clarity Act (CLARITY) stands out. This bill seeks to end the regulatory turf war between the SEC and CFTC. It also aims to bring clarity to asset classifications and prevent legal ambiguities like the Ripple vs. SEC case. This has implications for both individual and institutional investors. 

Meanwhile, the Guiding National Innovation and Ensuring Uniformity in Stablecoins Act (GENIUS) introduces strict safety requirements for stablecoin issuance. Passed in the Senate in June, it mandates 1:1 cash reserves, formal registration, and compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) laws. It’s also designed to prevent collapses like Terra (UST). Some officials propose combining both bills into a single comprehensive package. 

CBDC Ban and Political Tensions 

Another major proposal during Crypto Week is the Anti-CBDC Surveillance State Act, which seeks to block the Federal Reserve from issuing a digital dollar. Supporters argue that a CBDC could undermine financial privacy and enable centralized surveillance. 

However, Democrats have launched a counter-campaign named “Anti-Crypto Corruption Week”, accusing the CLARITY and GENIUS bills of serving Donald Trump’s interests. 

Additionally, on Tuesday, July 15 at 3:00 PM, the Senate Agriculture Committee will hold a session on market structure legislation. On Wednesday, July 16 9:00 am ET, the House Ways and Means Committee will discuss crypto taxation. 

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Immutable had previously disclosed receiving a Wells notice from the SEC in November 2024, signaling a potential enforcement action related to the listing and private sales of its native IMX token in 2021. However, the regulator has now decided to close the case, marking another shift in the SEC’s evolving crypto regulation approach under Acting Chair Mark Uyeda.

Regulatory Clarity for Web3 and Gaming

Immutable’s co-founder and president, Robbie Ferguson, expressed optimism about this decision, calling it a “significant milestone” for both the crypto industry and gaming sector. He added that with growing regulatory clarity, Immutable plans to accelerate efforts to expand digital ownership for over 3.1 billion gamers worldwide.

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The SEC declined to comment on the matter, maintaining its standard stance of not confirming or denying the existence of investigations.

SEC’s Shift in Crypto Regulation

This development is part of a broader trend, as the SEC has recently dropped investigations into several major crypto companies, including:

• Crypto exchange Gemini
• Trading platform Robinhood
• NFT marketplace OpenSea
• Yuga Labs (BAYC NFT creators)

Additionally, litigation against crypto firms such as Kraken, Coinbase, Ripple, ConsenSys, and Cumberland DRW has been dropped, while cases involving Tron and Binance have been paused.

This shift aligns with President Donald Trump’s administration, which has brought a regulatory overhaul in favor of a more structured and transparent crypto framework. The SEC has established a Crypto Task Force, led by crypto-friendly Commissioner Hester Peirce, to conduct roundtable discussions with industry players.

Ongoing Crypto Investigations

Despite these dismissals, not all crypto companies are off the hook. Unicoin remains under review, facing potential fraud and unregistered securities allegations. Similarly, Crypto.com, which previously received a Wells notice and sued the SEC and former Chair Gary Gensler, has not publicly updated the status of its investigation.

These ongoing cases highlight that while the SEC’s stance on crypto is evolving, enforcement actions have not completely disappeared.

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According to the company’s statement, Bitwise experienced 10x growth in client assets under management in 2024, reaching a total of $12 billion.

Growth in Crypto Asset Management

Bitwise remains active in the digital asset fund space, offering Bitcoin and Ethereum exchange-traded funds (ETFs). The company has also filed to offer XRP and Solana ETFs. In addition, it provides crypto index funds and other investment solutions focused on the Web3 ecosystem.

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Crypto asset management firms help investors with risk management, portfolio balancing, and performance tracking. Among Bitwise’s competitors are Galaxy Asset Management and Grayscale, while traditional financial giants like BlackRock have recently entered the crypto asset management space.

Market Expansion and Future Outlook

Crypto asset management firms have continued to grow during the bull market. In April 2024, Pantera Capital announced plans to raise $1 billion for a new crypto fund. Meanwhile, Grayscale’s portfolio saw 85% monthly growth in November 2024.

Market research suggests that the crypto asset management industry is expected to expand at a compound annual growth rate (CAGR) of 22%-25% between 2023 and 2030. Asia-Pacific is the fastest-growing market, while North America remains the largest.

Factors driving this growth include regulatory clarity, the rise of DeFi, and increased institutional interest in digital assets.

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