Active Addresses
In the number of active addresses, there were 450,028 active entries to the ETH network between May 14 and 21, 2025 this week. Ethereum rose to $2,549. On May 16 – 17, we observe that the price and the number of active addresses increased. When we follow the 7-day simple moving average, we observe the upward movement of the price on the dates when this average cuts the price. As a result of these actions, Ethereum rose towards the price of $ 2,549.
Active Sending Addresses
With the Black Line (price line) in active shipping addresses, there was a significant rise in active shipping addresses on May 17. The fact that the active shipping addresses on May 17, the day the price hit its lowest point, rose to 340,469 levels shows that buyers continue to collect Ethereum. As a result, the positive rise in the price causes an acceleration in addresses.
1.2. Active Receiving Addresses
Along with the Black Line (price line) in active sending addresses, there was a steady rise in active receiving addresses on May 15 – 16. On the day when the price peaked, active shipping addresses rose as high as 240,587, indicating that Ethereum went as high as $2,610.
Total Value Staked
On May 14, ETH price was 2,610 while Total Value Staked was 34,589,635. As of May 20, ETH price decreased to 2,524 while Total Value Staked Ratio decreased to 34,560,690. Compared to last week, ETH price decreased by 3.29% while Total Value Staked Ratio decreased by 0.084%.
Staking Inflows
On May 14, ETH price was at 2,610 while Staking Inflow Ratio was 42.181. As of May 20, ETH price decreased to 2,524 while Staking Inflow Ratio increased to 50,769. Compared to last week, ETH price decreased by 3.29% while Staking Inflow Ratio increased by 20.36%.
Derivatives
Open Interest
On May 18, open positions fell to $15.3 billion from around $16 billion on May 14, hitting a weekly low. On the same date, the price fell to around $2,475. This stands out as an area where both the price and leveraged transactions weakened. However, after May 18, a recovery is noteworthy. Open interest increased rapidly, reaching $16.2 billion on May 19, and the price also reacted upwards. However, this rise does not continue steadily. Both open interest and price are experiencing a small-scale retracement again. Finally, as of May 21, open interest is around $15.7 billion and the price is at $2,529.
Overall, the market has yet to develop a strong leverage bias or an aggressive trend. Although the rises were supported by short-term leveraged position entries, the subsequent pullbacks show that investors remain cautious and confidence has not fully returned. In other words, on the Ethereum side, open interest along with the price is still undecided and looking for direction.
Funding Rate
On May 14 and 15, the funding rate was at high levels and hovered around 0.009. However, the price seems to be on a downward trend on these dates. The price, which was around $2,625 on May 14, starts to decline on May 15 and this trend continues until May 17.
On May 16th and 17th, funding rates dropped significantly. Especially on May 17, they dropped to a very low level, around 0.001. This could mean an increase in short positions. On the same day, the price also reaches one of its lowest levels. From May 18th, the funding rate started to rise again, indicating that long positions were gaining weight again. This rebound peaks on May 19 and especially on May 21; on May 21 the funding rate reaches 0.012. This suggests that there is a very strong bullish expectation in the market. However, despite this high funding rate, the price has only partially recovered and remains at around $2,529. In this case, there is a mismatch between the market’s expectations and the price action. While high funding rates indicate that investors expect a rise, the price has not risen in line with these expectations. Such situations may indicate that long positions are risky in the short term, as the price has not yet supported this optimism.
Long & Short Liquidations
ETH, which fell from $ 2,700 to $ 2,327, had a week of high volatility. During this period, a long position of 644 million dollars and a short position of 335 million dollars were liquidated.
| Date | Long Amount (Million $) | Short Amount (Million $) |
|---|---|---|
| May 14 | 96.52 | 36.73 |
| May 15 | 141.11 | 54.46 |
| May 16 | 57.31 | 39.46 |
| May 17 | 83.12 | 21.62 |
| May 18 | 117.63 | 74.63 |
| May 19 | 89.48 | 66.38 |
| May 20 | 59.17 | 41.90 |
| Total | 644.34 | 335.18 |
Supply Distribution
Total Supply: It reached 121,299,015 units, up about 0.31% from last week.
New Supply: The amount of ETH produced this week was 369,875.
Velocity: Velocity, which was 7.98 last week, was realized as 8.08 as of May 19.
| Wallet Category | 12.05.2025 | 19.05.2025 | Change (%) |
|---|---|---|---|
| 100 – 1k ETH | 9.2478M | 9.2344M | -0.147% |
| 1k – 10k ETH | 12.5881M | 12.724M | +1.07% |
| 10k – 100k ETH | 16.7472M | 17.1755M | +2.54% |
| 100k+ ETH | 4.7303M | 4.4317M | -6.35% |
According to the latest weekly data, 100 – 1k ETH wallets saw a limited decrease of 0.15%. Wallets in the 1k – 10k ETH range experienced a slight increase of 1.07%. In contrast, the 10k – 100k ETH segment stood out with a strong increase of 2.54%. 100k+ ETH wallets saw a significant decline of 6.35
Exchange Reserve
Between May 14-20, 2025, Ethereum reserves on exchanges decreased from 19,114,058 ETH to 18,797,643 ETH. During this period, there was a total net outflow of 316,415 ETH and the Ethereum reserves of the exchanges decreased by 1.66%. The Ethereum price fell from $2,610 to $2,525 during the same period, a depreciation of about 3.2%. The decline in reserves during this period suggests that Ethereum is being withdrawn to off-exchange wallets and investors are more inclined to hold than sell. However, despite this, the decline in the price indicates that profit-taking or market-wide fluctuations may be effective. The decline in exchange reserves could lead to a reduced supply of Ethereum in the market, putting potential upward pressure on the price.
| Date | 14-May | 15-May | 16-May | 17-May | 18-May | 19-May | 20-May |
| Exchange Inflow | 1,366,621 | 1,353,139 | 931,435 | 749,993 | 486,090 | 1,250,368 | 1,060,001 |
| Exchange Outflow | 1,354,416 | 1,352,181 | 1,164,153 | 758,825 | 526,658 | 1,294,954 | 1,050,670 |
| Exchange Netflow | 12,204 | 957 | -232,718 | -8,832 | -40,568 | -44,586 | 9,331 |
| Exchange Reserve | 19,114,058 | 19,115,015 | 18,882,298 | 18,873,466 | 18,832,898 | 18,788,312 | 18,797,643 |
| ETH Price | 2,610 | 2,549 | 2,538 | 2,476 | 2,499 | 2,528 | 2,525 |
Fees and Revenues
When the Ethereum Fees per Transaction (Mean) data between May 14 and May 20 is analyzed, it is seen that this value was at 0.000403348625771966 on May 14, the first day of the weekly period. As of May 14, Ethereum Fees per Transaction (Mean) value, which entered a downward trend with the correction movements seen in Ethereum price, decreased to 0.000197087976858644 on May 17, recording its lowest value on a weekly basis.
The value, which showed an upward trend in the following days, closed at 0.000305913267756478 on May 20, the last day of the weekly period.
Bitcoin: Fees (Total)
Similarly, when the Ethereum Fees (Total) data between May 14 and May 20 were analyzed, it was seen that this value was 562.674963089524 on May 14, the first day of the weekly period. As of May 14, Ethereum Fees (Total) value, which entered a downward trend with the correction movements seen in Ethereum price, decreased to 269.6626680171866 on May 17, recording its lowest value on a weekly basis.
The value, which showed an upward trend in the following days, closed at 443.9609126173368 on May 20, the last day of the weekly period.
Blocks Mined
Between May 14 and May 20, Ethereum block production data showed an upward trend in the total number of blocks throughout the week. While 7,104 blocks were generated on May 14, this number increased to 7,131 as of May 20. 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 the Ethereum price during the period.
Block Size
Between May 14 and May 20, Ethereum block size data shows that while there was an upward trend at the beginning of the week, there was a retreat towards the end of the week. On May 14, the average block size was 89,362 bytes, while this value increased to 88,638 bytes as of May 20. There was a generally negative correlation between block size and Ethereum price during the relevant period.
Block Interval
Analysing the Ethereum block interval data between May 14 and May 20, a downward trend in block duration was generally observed throughout the week. On May 14, the average block duration was recorded as 12.16 seconds, while it decreased to 12.11 seconds as of May 20. During the period in question, there was a positive correlation between Ethereum block duration and price movement.
Transaction
Last week, a total of 9,603,824 transactions were executed on the Ethereum network, while this week it increased by about 0.55% to 9,656,234. The highest number of transactions on a weekly basis was 1,451,264 on May 20, while the lowest number of transactions was 1,238,571 on May 18.
This increase in the number of transactions indicates that the usage on the network has increased compared to last week and therefore Ethereum burns have also increased. However, it is not possible to say that the “price-transaction count” relationship has turned into a full positive correlation for now.
Tokens Transferred
While the total amount of ETH transferred on the Ethereum network last week was 15,656,525, it decreased by 11.89% to 13,794,471 this week. The 2,671,272 ETH transfer on May 15 was the highest daily token transfer amount of the week, while the lowest value of the week was recorded on May 18 with only 976,313 ETH transferred.
The increase in the number of transactions and the decrease in the amount of ETH transferred indicate that the intensity of activity on the network is increasing, but the size of the content is decreasing. This indicates that we may be entering a period of stagnation.
Estimated Leverage Ratio
During the 7-day period, the metric was generally bullish in the first half of the process. ELR (Estimated Leverage Ratio), which had a value of 0.718 at the beginning of the process, then reached the lowest point of the process and reached 0.713 on May 15. The metric increased in the second half of the process, reaching a peak of 0.765 on May 19. A higher ELR means that participants are willing to take on more risk and generally 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, while there were 19.11 million reserves at the beginning of the process, this figure decreased during the rest of the process and is currently seen as 18.79 million. At the same time, Ethereum’s Open Interest is seen as 32.25 billion dollars at the beginning of the process. As of now, open interest, which has decreased in the process, is 30.91 billion dollars. With all this data, the ELR metric generally followed a rising trend. The asset’s price, on the other hand, moved sideways, moving sideways from $2,450 to $2,640. In the overall process, the downward trend in reserves and the sideways movement of the open interest rate explain the rise in the ELR ratio. As a result, the decline in reserves and the horizontal movement of the open interest rate show us that the market has a cautious approach at the moment. If the decline in the amount of reserves continues and the open interest data moves horizontally, we can predict that horizontal movements may continue.
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.
