Ethereum Maintains Strength Amid Staking Stability

Weekly Ethereum Onchain Report

Active Addresses

Between October 22 and October 29, a total of 427,536 active addresses were added to the Ethereum network. During this period, the Ethereum price fell from $3,806 to $4,158. On October 24, in particular, when the price reached the active address point, the number of active addresses fell while the price rose. When examining the 7-day simple moving average (SMA), the Ethereum price is generally seen to be trending upward.

Active Sending Addresses

Between October 22 and October 29, high levels of active sending activity were observed in active sending addresses along with the Black Line (price line). On the day the price reached its highest level on a weekly basis, active sending addresses reached 300,520.

Active Receiving Addresses

Between October 22 and October 29, there was no significant increase in active receiving addresses, while the price consolidated downward. On the day the price reached its highest level, active receiving addresses rose to 248,716, indicating an increase in purchases.

Total Value Staked

On October 22, while the ETH price was trading at $3,806, the Total Value Staked was at 36,100,263. As of October 28, the ETH price rose to $3,981, recording a 4.60% increase, while Total Value Staked fell to 36,050,298, recording a 0.14% decrease.

Staking Inflows

On October 22, while the ETH price was trading at $3,806, Staking Inflow stood at 64,484. As of October 28, the ETH price rose to $3,981, while Staking Inflow increased to 71,846, recording an 11.42% increase.

Derivatives

Open Interest

Starting from October 22, both price and open interest showed a steady increase, reaching a peak around October 26. The rising open interest during this period indicates that new leveraged positions entered the market and investors took positions in the upward direction. However, after October 27, both price and open interest declined simultaneously, signaling the start of position liquidations and short-term profit-taking. The recent sideways movement indicates that the market is seeking a temporary equilibrium and that investors are remaining cautious until a new direction is established.

Funding Rate

The funding rate, which started at a low level on October 22, rose steadily until October 27, reaching its highest level on that date. This indicates that long positions dominate the market and that investors have bullish expectations. However, as of October 28, the funding rate began to decline significantly, falling to a lower level on October 29.

The ETH price rose to around $4,150 around October 26–27, along with an increase in the funding rate, then corrected to around $3,990 on October 28–29. This parallel suggests that excessive optimism in funding rates was balanced by a short-term correction. Overall, the chart shows that investor sentiment remained positive un s until October 27, after which it was balanced by profit-taking or cautious behavior from excessive long positions.

Long & Short Liquidations

The ETH price, which rose from $3,706 to $4,250, fell back below the $4,000 level. At the same time, $380 million worth of long positions were liquidated. During the same period, $410 million worth of short positions were also liquidated.

Supply Distribution

Total Supply: Reached 121,239,932 units, an increase of approximately 0.0196% compared to last week.

New Supply: The amount of ETH produced this week was 23,728.

Velocity: The velocity, which was 9.96 last week, reached 9.98 as of October 27.

According to the latest weekly data, the Ethereum wallet distribution followed a mixed trend. The wallet balance in the 100–1k ETH range rose from 8.5405M to 8.5686M, recording an increase of approximately 0.33%. The 1k–10k ETH segment rose from 11.8394M to 11.866M, showing an increase of approximately 0.22%. In contrast, the 10k–100k ETH group experienced a slight pullback; the total balance fell from 22.2554M to 22.2441M, a decrease of approximately 0.05%. The most notable movement occurred in the 100k+ ETH category; this segment’s balance fell from 4.1962M to 4.0432M, recording a decrease of approximately 3.65%.

Exchange Supply Ratio

Between October 22 and 29, the Ethereum Exchange Supply Ratio  fell from 0.13467531  to 0.13394446. During this period, the price of Ethereum rose from $3,859 to $3,981. Specifically, between October 22 and 29, at the point where the price and the Exchange Supply Ratio intersected, the price continued to rise while the Exchange Supply Ratio experienced a decline. This situation indicates that despite the price increase, the amount of Ethereum supplied to exchanges has decreased and that long-term investors have likely stopped holding their assets. In general, a decline in the Ethereum price is observed.

Exchange Reserve

Between October 22 and 28, 2025, Ethereum reserves on exchanges declined from approximately 15,930,333 ETH to 15,839,664 ETH, resulting in a net outflow of 90,669 ETH. During this period, reserves decreased by approximately 0.57%. During this period, the price of ETH rose from $3,875 to $3,981, gaining approximately 2.73% in value. The decline in reserves alongside the price increase indicates that investors preferred to withdraw their assets from exchanges rather than sell, suggesting that market confidence remains intact. However, the sharp outflow of 104,822 ETH on the last day of the week stands out as a noteworthy move. While there is a risk of volatility in the short term due to profit-taking, the decline in exchange reserves can be seen as a constructive signal for Ethereum in the long term.

Fees and Revenues

When examining the Ethereum Fees per Transaction (Mean) data for October 22-28, it can be seen that on October 22, the first day of the week, the indicator stood at 0.00012535130231169.

Following this date, it fluctuated due to the volatility in the Ethereum price and declined to 0.00009074158578013 on October 25.

In the following days, the Ethereum Fees per Transaction (Mean) indicator resumed its upward trend, closing at 0.000108572956139001 on October 28, the last day of the week.

Ethereum: Fees (Total)

Similarly, when examining the Ethereum Fees (Total) data between October 22 and 28, it can be seen that the indicator stood at 193.70988010913788 on October 22, the first day of the week.

After this date, it followed a volatile course due to the impact of Ethereum price volatility and declined to 118.92655751453832 on October 25.

In the following days, the Ethereum Fees (Total) indicator resumed its upward trend, closing at 178.50349431265826 on October 28, the last day of the week.

Blocks Mined

When examining Ethereum block production data between October 22 and 28, a slight decrease was observed throughout the week. While 7,129 blocks were produced on October 22, this number fell to 7,128 by October 28. A positive correlation was observed between the Ethereum price and the number of blocks produced throughout the week.

Block Size

When examining Ethereum block size data between October 22 and 28, an increase was observed throughout the week. While the average block size was measured at 113,695 bytes on October 22, this value rose to 117,092 bytes as of October 28.

During the relevant period, a time-dependent correlation structure was observed between block size and Ethereum price. However, the general trend indicates that a negative correlation between these two variables is dominant.

Block Interval

When examining the Ethereum block time between October 22 and 28, no change occurred throughout the week. While the average block time was recorded as 12.12 seconds on October 22, it was again 12.12 seconds as of October 28.

During this period, a negative correlation was observed between the Ethereum block time and price movement throughout the week.

Transaction

Last week, a total of 10,502,648 transactions were executed on the Ethereum network, while this week the number of transactions increased by approximately 12.9% to 11,859,662. The highest weekly transaction count was recorded on October 26 at 1,268,621, while the lowest was on October 28 at 1,044,088. The correlation between transaction volume and price showed a predominantly negative trend throughout the week. This suggests that activity on the network was largely driven by sell-side transactions. Meanwhile, the lower stability of network activity compared to the previous period indicates a weakening momentum on the Ethereum network.

Tokens Transferred

The total amount of ETH transferred between last week and this week decreased by approximately 4.8%, falling from 11,859,662 to 11,286,569. The highest weekly transfer occurred on October 24 at 2,027,017 ETH, while the lowest transfer was on October 25 at 618,555 ETH. Daily fluctuations exceeding 300% in transferred amounts indicate that high volatility persists in network activity, similar to price movements. This fluctuation prevented the correlation between price and the amount of tokens transferred from providing a clear directional signal. Despite the increase in the number of transactions on the network, the partial decline in the total amount of ETH transferred indicates that Ethereum experienced a weak period on the on-chain side. This suggests that a negative momentum has formed, which has not yet been fully felt on the price despite increased selling pressure.

In short, Ethereum has taken a hit on the network level, but the price may not yet fully reflect this impact on the chart.

Estimated Leverage Ratio

Although the metric showed a slight decline on the first day of the 7-day process, it subsequently rose. At the end of the process, the metric experienced a slight pullback and appears to have lost momentum. The ELR (Estimated Leverage Ratio), which was at 0.620 at the beginning of the process, reached its lowest point on October 23, falling to 0.607. The metric then rose, reaching its peak on October 26 and climbing to 0.645. At the time of writing, the metric stands at 0.626, indicating a decline in investor appetite. A higher ELR implies that participants are more willing to take on risk and typically signals bullish conditions or expectations. It should be noted that these increases can also stem from a decline in reserves. Looking at Ethereum reserves, there were 15.93 million reserves at the beginning of the process, but this figure declined further during the rest of the process and currently stands at 15.83 million. At the same time, Ethereum’s Open Interest was $42.63 billion at the beginning of the process. As of now, volume has increased during the process, and the open interest value stands out at $47.62 billion. With all this data, the ELR metric rose until the middle of the process but lost value during the remaining period. The asset’s price fluctuated between $3,775 and $4,210 with all this data. As of now, investors’ and traders’ risk appetite appears balanced. The increase in open interest volume throughout the process, coupled with a slight decrease in reserves, explains the rise in the ELR ratio. In conclusion, the decrease in reserves and the increase in open interest caused a slight rise in the ELR metric. This shows us that the market has some appetite, but it cannot shake off its pessimism.

*The metrics and guidance provided in the table do not alone explain or imply any expectation regarding future price changes in any asset. Digital asset prices can fluctuate based on numerous variables. The on-chain analysis and related guidance are intended to assist investors in their decision-making process, and basing financial investments solely on the results of this analysis may lead to unfavorable outcomes. Even if all metrics produce positive, negative, or neutral results simultaneously, the expected outcomes may not materialize depending on market conditions. It would be beneficial for investors reviewing the report to take these warnings into consideration.

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The investment information, comments, and recommendations contained in this document do not constitute investment advisory services. Investment advisory services are provided by authorized institutions on a personal basis, taking into account the risk and return preferences of individuals. The comments and recommendations contained in this document are of a general nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained in this document may not result in outcomes that align with your expectations.

All data used in Ethereum on-chain analysis is based on CryptoQuant.