Ethereum Onchain Analysis – Active Addresses, Staking, and Fees

Active Adresses

In terms of the number of active addresses, there were 407,382 active entries on the ETH network between May 28 and June 4, 2025 this week. During this period, Ethereum rose to $2,529. On May 28 – 29, it is seen that Ethereum purchases are gradually decreasing in the area where the price and the number of active addresses intersect. When we follow the 7-day simple moving average, it is observed that on the dates when this average cuts the price, the price follows a horizontal course in the following days.

Active Sending Addresses

Along with the Black Line (price line) in active shipping addresses, a similar movement is seen in shipping addresses in the same week. On the day when the price hit its lowest point, active shipping addresses dropped to 278,587. On June 4, the price rose to a weekly high of $2,635. As a result, it is seen that price decreases cause an acceleration in sending addresses.

Active Receiving Addresses

Along with the Black Line (price line) in active sending addresses, there was a significant rise in active buying addresses on May 30. On the day of the price high, active shipping addresses rose as high as 229,398, indicating that buyers bought Ethereum at $2,681.

Total Value Staked

On May 28, ETH price was 2,681 while Total Value Staked was 34,494,798. As of June 3, ETH price decreased to 2,593 while Total Value Staked increased to 34,612,212. Compared to last week, ETH price decreased by 3.28% while Total Value Staked increased by 0.34%.

Staking Inflows

On May 28, ETH price was at 2,681, while Staking Inflow was at 99,381. As of June 3, ETH price was down to 2,593, while Staking Inflow was 67,428. Compared to last week, there was a 3.28% decrease in ETH price and a 32.18% decrease in Staking Inflow.

Derivatives

Open Interest

Covering the period between May 28 and June 4, the chart shows that both the price and the amount of open interest fell sharply in the first place. Especially from May 29 to May 30, open interest fell sharply from $18.4 billion to $17.2 billion. This decline may indicate a large amount of position closures or liquidations. During the same period, the price moved similarly downwards. As of May 31, both metrics started to recover slightly. On June 1, this rebound becomes more pronounced and peaks on June 2. Open interest rises to about $18.6 billion and the price reaches $2,600. On June 3, there is a short-lived decline in both indicators, but by June 4, the price and open interest start to increase again. This outlook suggests that market participants have started to take positions again and price expectations have risen.

Funding Rate

The funding rate, which started positive on May 28, peaked on May 29 and rose above 0.009, indicating that long positions were dominant and investors were trading with bullish expectations. However, a significant decline in the price in the same period indicates that the market moved in the opposite direction and highly leveraged long positions were making losses. On May 30 and 31, the funding rate drops sharply to almost neutral, suggesting that the long-short balance is being restored as uncertainty increases in the market. As of June 1, the funding rate starts to rise again and the move synchronizes with the price in a positive direction. From June 2 onwards, the funding rate rises to 0.007 and the price reacts upwards. The rising funding rates during this period reflect the renewed optimism and demand for long positions. As a result, the overall picture shows that the market first experienced a sharp correction as it was flooded with excessive long positions, then stabilized and entered a new uptrend. Funding ratios remain positive, indicating that traders continue to expect bullish sentiment.

Long & Short Liquidations

With the ETH price, which first fell below the resistance level of $ 2,533 last week and then gained an upward momentum again, a long position of 404 million dollars and a short position of 270 million dollars were liquidated.

Supply Distribution

Total Supply: It reached 121,686,288 units, up about 0.3155% from last week.

New Supply: The amount of ETH produced this week amounted to 384,102.

Velocity: Velocity, which was 8.11 last week, was 8.16 as of June 2.

According to the latest weekly data, a limited decrease of 0.21% was observed in 100 – 1k ETH wallets. Wallets in the 1k – 10k ETH range increased by 0.99%. The 10k – 100k ETH segment also stood out with an increase of 0.91%, while 100k+ ETH wallets experienced a significant decrease of 1.93%.

Fees and Revenues

When the Ethereum Fees per Transaction (Mean) data between May 28 and June 3 is analyzed, it is seen that this value was realized at the level of 0.000487844122836796 on May 28, the first day of the week.

As of May 29, the said data, which started to decline as of May 29, fell to 0.000235221658818472 on May 31, recording its lowest level on a weekly basis.

Ethereum Fees per Transaction (Mean) data, which showed an upward recovery trend towards the last days of the week, closed the week at 0.000480300748000259 on June 3, the last day of the week.

Bitcoin: Fees (Total)

Similarly, when the Ethereum Fees (Total) data between May 28 and June 3 is analyzed, it is seen that this value was 676,803713999909 on May 28, the first day of the week.

As of May 30, the said data, which started to decline as of May 30, fell to 340.9278864384602 on June 1, recording its lowest level on a weekly basis.

Ethereum Fees (Total) data, which showed an upward recovery in the last days of the week, closed at 688,5966157915154 on June 3, the last day of the weekly period.

Blocks Mined

Between May 28 and June 3, Ethereum block production data showed an upward trend in the total number of blocks throughout the week. While 7,131 blocks were generated on May 28, this number increased to 7,150 as of June 3. This increase indicates a slight acceleration in the network’s transaction verification capacity. There was a negative correlation between the number of block production and Ethereum price during the period.

Block Size

Between May 28 and June 3, Ethereum block size data shows that while there was an upward trend at the beginning of the week, there was a sharp decline towards the end of the week. On May 28, the average block size was 89,762 bytes, while as of June 3, this value dropped to 88,665 bytes.

In the relevant period, the correlation between block size and Ethereum price, which was negative at the beginning of the week, turned positive in the middle of the week.

Block Interval

Between May 28 and June 3, Ethereum block data showed a downward trend in block times until the middle of the week, but towards the end of the week, this trend reversed and a limited increase occurred. On May 28, the average block time was recorded as 12.11 seconds, while this time decreased to 12.08 seconds as of June 3.

During the period in question, Ethereum block duration and price action were positively correlated throughout the week.

Transaction

Last week, a total of 9,429,877 transactions were executed on the Ethereum network, while this week it increased by about 5.79% to 9,975,810. The highest number of transactions on a weekly basis was 1,522,834 on May 31, while the lowest number of transactions was 1,313,002 on June 1.

The increase in the number of transactions suggests that usage on the network has increased over the past week, and therefore Ethereum burns have also increased. However, the negative correlation of price-transaction count over the week may be a sign that transfers are creating selling pressure.

(Neutral)

Tokens Transferred

While the total amount of ETH transferred on the Ethereum network last week was 14,001,438, it decreased by 19.40% to 11,284,791 this week. The 2,771,073 ETH transfer on June 3 was the highest daily token transfer amount of the week, while the lowest value of the week was recorded on June 1 with only 846,421 ETH transferred.

In addition to the increase in the number of transactions, the amount of ETH transferred has decreased significantly, indicating that the amount of ethereum per transaction has decreased in the activity on the network. This signals that smaller-sized transactions are showing activity on the network compared to last week, indicating that investors with low, rather than high, transaction volumes are on the table.

Estimated Leverage Ratio

During the 7-day period, the metric generally declined in the first part of the process. ELR (Estimated Leverage Ratio), which had a value of 0.815 at the beginning of the process, fell to 0.789 on May 30, reaching the lowest level of the process. The metric, which continued to rise during the rest of the process, had a value of 0.845 as of the moment this article was written. The peak of the process occurred on June 2, reaching a value of 0.857. A higher ELR means that participants are willing to take on more risk and usually indicates bullish conditions or expectations. It should be noted that these rises can also be caused by a decrease in reserves. When we look at Ethereum reserves, there were 18.99 million reserves at the beginning of the process, while this figure decreased during the rest of the process and is currently 18.70 million. At the same time, Ethereum’s Open Interest is seen as 35.69 billion dollars at the beginning of the process. As of now, the open interest, which moves horizontally in the process, is 35.29 billion dollars. With all this data, the ELR metric generally followed an upward trend. In parallel with all this data, the price of the asset fluctuated between the level of $ 2,475 and $ 2,650. The decline in reserves and the horizontal movement of the open interest rate throughout the process shows us that the rise in the ELR rate was artificial. As a result, the decline in reserves and the flat course of the open interest rate indicate that the market has a cautious approach at the moment. We can predict that if the decline in the amount of reserves continues and the horizontal course of the open interest data continues, we can predict that the declines will begin.

ETH Onchain Overall

*The metrics and guidance in the table do not, by themselves, describe or imply an expectation of future price changes for any asset. The prices of digital assets may vary depending on many different variables. The onchain analysis and related guidance is intended to assist investors in their decision-making process, and making financial investments based solely on the results of this analysis may result in harmful transactions. Even if all metrics produce a bullish, bearish or neutral result at the same time, the expected results may not be seen depending on market conditions. Investors who review the report should take these warnings into account.

LEGAL NOTICE

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 type. 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 results that are in line with your expectations.

NOTE: All data used in Bitcoin onchain analysis is based on Cryptoqaunt.