EtherFi bulls load up as TVL swells $283M and card fees hit a record 🧈

The Ether.Fi (ETHFI) token added a double-digit gain in its most recent session, supported by a jump in protocol usage and a fresh high in its holder base. The number of ETHFI holders climbed to an all-time high of 131,400, according to on-chain data cited in market analysis. Ether.Fi's total value locked (TVL) has risen by $283 million since 7 June to roughly $3.114 billion at the time of writing, a move market watchers attribute to either yield-seeking capital or longer-term conviction in the protocol.

Product metrics have tracked the rally. Transaction fees tied to the EtherFi Cash Card reached their highest level on record at $2.72 million since the card launched in Q2 2026. Borrow interest, which tracks interest earned on the Cash lending operation, climbed to a record $177,810 in Q2 2026. Overall protocol earnings for the quarter stand at $8.85 million, below levels seen in prior quarters dating back to Q2 2025. On-chain volume has remained comparatively light, at $18.94 million, with a seven-day fee total of $2.55 million.

The move runs counter to a broader risk-off backdrop that has tended to pull liquidity from decentralized finance protocols. Chart analysis points to ETHFI trading into a demand zone that could set up a near-term bounce. The nearest price target identified in the analysis is $0.38, followed by $0.39, with a failure at that level opening the path toward a lower demand fair value gap.

At the time of writing, Ether.Fi's accumulation/distribution (A/D) indicator is tracking an upward trend line, a pattern that shows net buying pressure from investors. Rising accumulation supports the bullish case laid out in the analysis, though on-chain volume and total quarterly earnings remain below prior-quarter highs.