Weekly Ethereum Onchain Report – May 07

Active Addresses

In terms of the number of active addresses, there were 320,425 active entries to the ETH network between April 30 and May 7, 2025, this week. Ethereum rose to $1,842 in the said date range. On May 4, 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 the price follows an upward trend on the dates when these average cuts the price. This situation indicates that the Ethereum price is experiencing inflows at $1,812 levels.

Active Sending Addresses

With the Black Line (price line) in active shipping addresses, there was a significant drop in active shipping addresses on April 4. On the day when the price hit its lowest point, active shipping addresses fell as low as 203,323, indicating that buyers sold their positions as Ethereum remained at 1,812 for a while. As a result, it is seen that price drops cause an acceleration in sending addresses.

Active Receiving Addresses

Along with the Black Line (price line) in active sending addresses, there has been a significant rise in active buying addresses after May 1. On the day of the price high, active shipping addresses rose as high as 209,405   , indicating that buyers took their positions at Ethereum’s $1,793 level.

Total Value Staked

On April 30th, ETH price was 1,793 while Total Value Staked was 34,357,172. As of May 6, ETH price rose to 1,816 while Total Value Staked Ratio increased to 34,408,542. Compared to last week, ETH price increased by 1.28% while Total Value Staked Ratio increased by 0.15%.

Staking Inflows

On April 30, ETH price was at 1,793 while Staking Inflow Ratio was at 27,232. As of May 6, ETH price rose to 1,816 while Staking Inflow Ratio increased to 122,380. Compared to last week, there was a 1.28% increase in ETH price and a 349.49% increase in Staking Inflow Ratio   .

Derivatives

Open Interest

On the Ethereum open interest chart, both price and open interest increased strongly from April 30 to May 1. This period shows that new positions were heavily added to the market and a buying expectation came to the fore. However, between May 2-4, open interest gradually decreased while the price remained high for a while. This suggests that some investors preferred to take profits or closed their positions due to uncertainty. As of May 4, open interest started to rise again as the price recovered. This shows that fresh positions have entered the market and confidence has been restored. In recent days, the correlation between open interest and price is quite clear, which is a positive signal for the persistence of price movements. The price rise has been supported by new positions.

 Funding Rate

In the period of May 1-3, funding ratios were positive, reflecting the weight of long positions, and the price increase was supported in this period. However, the price decline on May 2-3 despite the positive ratios indicates that over-leveraged long positions were suppressed. On May 4, the funding rate turned negative, indicating short positioning and a short-term bottom in the price. In the following days, the funding rate turned positive again and the price recovered upwards. In general, the increase in funding rates indicates that market sentiment is bullish.

Long & Short Liquidations

ETH, which had a high volatility week, moved between $ 1,756 and $ 1,870. In this case, a long position of 181 million dollars and a short position of 145 million dollars were liquidated.

 Supply Distribution

Total Supply: It reached 120,745,739 units, up about 0.0151% from last week.

New Supply: The amount of ETH produced this week amounted to 18,206.

Velocity: Velocity, which was 7.84 last week, was realized as 7.86 as of May 5.

According to the latest weekly data, 100 – 1k ETH wallets saw a limited decrease of 0.0616%. In contrast, wallets in the 1k – 10k ETH range experienced a remarkable increase of 0.3559%. In the 10k – 100k ETH segment, there was a notable decrease of 2.4782%, while 100k+ ETH wallets saw a limited decrease of 0.3273%.

 Exchange Reserve

Between April 30 and May 6, 2025, Ethereum reserves on exchanges decreased from 19,564,616 ETH to 19,458,316 ETH. During this period, there was a total net outflow of 106,300 ETH and the Ethereum reserves of exchanges decreased by 0.54%. The Ethereum price increased by approximately 1.3% during the same period. On April 30, 2025, Ethereum closed at $1,794, and on May 6, 2025, it closed at $1,817. The decline in reserves suggests that investors are staying away from selling pressure in the short term and prefer to hold Ethereum mostly in off-exchange wallets. While this points to potential supply constraints, the upward trend in prices provides a positive signal in the long term.

Fees and Revenues

When the Ethereum Fees per Transaction (Mean) data between April 30 and May 6 is analyzed, it is seen that this value was at the level of 0.000205481950223776 on April 30, the first day of the weekly period. Until May 4, the value, which showed a downward trend, was realized at 0.00015538944968548 on this date. This level was recorded as the lowest value of the weekly period.

On May 6, the last day of the weekly period, the value, which gained upward momentum again with the fluctuations in the Ethereum price, closed at 0.000228698107407375 on this date. This level was recorded as the highest value of the weekly period.

Bitcoin: Fees (Total)

Analysing the Ethereum Fees (Total) data between April 30 and May 6, it was seen that this value was 266.42070479189056 on April 30, the first day of the weekly period. Until May 3, the value, which showed a downward trend, was 174.4488215749605 on this date. This level was recorded as the lowest value of the weekly period.

On May 6, the last day of the weekly period, the value, which gained upward momentum again with the fluctuations in the Ethereum price, closed at 292,4618841298395 on this date. This level was recorded as the highest value of the weekly period.

Blocks Mined

When we examine the Ethereum Blocks Mined table between April 30 – May 6, the number of blocks produced increased towards the middle of the week, but decreased towards the end of the week. While 7,143 blocks were produced on April 30, this number was 7,124 again on May 6. Although there was a positive correlation between Blocks Mined and Ethereum price at the beginning of the week, the correlation turned negative by mid-week.

 Block Size

Between April 30 and May 6, when we examine the Ethereum Block Size table, there was a decrease throughout the week. On April 30, the block size was 93,066 bytes, while on May 6, it reached 83,166 bytes. It was observed that there was a positive correlation between Block Size and Ethereum price throughout the week.

Block Interval

Between April 30 and May 6, when we examine the Ethereum Block Interval table, although there was a decrease towards the middle of the week, there was an increase in the time between blocks at the end of the week. On April 30, the inter-block interval was 12.09 seconds, while on May 6, the same interval was 12.12 seconds. Although there was a positive correlation between Block Interval and Ethereum price at the beginning of the week, the correlation turned negative by mid-week.

 Transaction

Last week, there were a total of 8,807,336 transactions on the Ethereum network, while this week it decreased by about 0.34% to 8,777,734. The highest weekly transaction was 1,337,825 on May 5, while the lowest transaction count was 1,085,909 on May 3.

This decrease in the number of transactions indicates that the usage on the network has decreased slightly compared to last week and thus Ethereum burns have decreased. At the same time, the “price-transaction count” relationship is positive collocation-weighted, indicating that transactions on the network are occurring naturally.

Tokens Transferred

While the total amount of ETH transferred on the Ethereum network last week was 13,463,326, it decreased by 38.84% to 8,233,618 this week. The transfer of 1,541,322 ETH on April 30 was the highest daily token transfer amount of the week, while the lowest value of the week was recorded on May 3 with only 559,303 ETH transferred.

The decrease in the number of ETH transferred as the number of transactions decreased indicates that the activity on the network is decreasing. This suggests that stagnation or bearish movements can be expected in the market.

Estimated Leverage Ratio

During the entire 7-day period, the metric generally declined. ELR (Estimated Leverage Ratio), which had a value of 0.725 at the beginning of the process, then reached the peak of the process, reaching 0.751 on May 1. Declining towards the middle of the process, the metric fell to 0.716 on May 3, the lowest point of the process. It is currently slightly higher at 0.725. 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 19.56 million reserves at the beginning of the process, this figure decreased towards the end of the process and is currently seen as 19.47 million. At the same time, Ethereum’s Open Interest is seen as 20.33 billion dollars at the beginning of the process. As of now, the open interest, which moves horizontally in the process, is 20.96 billion dollars. With all this data, the ELR metric moved down. The price of the asset moved sideways in line with the open interest and moved in the band from $1.785 to $1.845. In the overall process, the slight downward trend in reserves and the sideways movement of the open interest rate explain the slight decrease in the ELR rate. As a result, the fact that reserves hovered within a certain band and the open interest rate moved horizontally shows us that there is a cautious approach in the market. Considering that volume-based transactions remain stable and accumulation remains in a narrow band, the dynamics suggest that a decline may be possible.

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.