Ethereum Activity Surges as Robinhood Chain Launch Draws $70 M ETH and BlackRock Moves 8.7 k ETH

Robinhood’s new Ethereum‑layer‑2 network, Robinhood Chain, attracted more than $70 million worth of Ether in its first week, with over 70 million dollars of ETH bridged to the chain and daily active users reaching roughly 194 000. The network’s total value locked climbed to about 46 800 ETH (≈ $83 million) and Uniswap on Robinhood Chain processed $1 billion in cumulative trading volume within nine days, with daily traders topping 220 000.

At the same time, asset manager BlackRock transferred roughly 8 700 ETH (≈ $15.8 million) to the institutional custody platform Coinbase Prime. The move coincided with outflows from BlackRock’s spot Ethereum ETF (ETHA), which saw a daily redemption of 7 240 ETH (≈ $12.7 million) and contributed to a broader trend of net withdrawals from Ethereum ETFs amounting to $52 million on 9 July. The transfers highlight ongoing volatility in institutional demand for Ethereum.

Together, the data indicate a growing demand for Ethereum as a gas token and settlement layer in both retail‑focused layer‑2 ecosystems and institutional crypto custody services.