Active Addresses
In terms of the number of active addresses, there were 329,582 active entries to the ETH network between May 7 and May 14, 2025 this week. During this period, Ethereum rose to $2,582. On May 10, 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 this average cuts the price. This situation indicates that the Ethereum price is experiencing inflows at $ 2,345 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 12. On the day when the price hit its lowest point, active shipping addresses dropped to 242,153, indicating that buyers sold their positions as Ethereum remained at 2,495 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 since May 10. On the day of the price high, active shipping addresses rose as high as 205,516, indicating that buyers took their positions at Ethereum’s $2,582 level.
Total Value Staked
On May 7, ETH price was 1,811 while Total Value Staked was 34,437,341. As of May 13, ETH price was at 2,679 while Total Value Staked Ratio was 34,575,595. Compared to last week, ETH price increased by 47.93% while Total Value Staked Ratio increased by 0.40%.
Staking Inflows
On May 7, ETH price was at 1,811 while Staking Inflow Ratio was 37,338. As of May 13th, ETH price was at 2,679 while Staking Inflow Ratio was 52,917. Compared to last week, ETH price increased by 47.93% while Staking Inflow Ratio increased by 41.73%.
Derivatives
Open Interest
Since May 7, both price and open interest have been on a serious uptrend. This outlook shows that there are new entries into the market and investors are predominantly taking a bullish position. In particular, on May 10, the price approached the $2,600 level, while open interest reached $16 billion. These simultaneous rises suggest that market confidence is strong and long positions are increasing. However, on May 11 and 12, both data showed a slight pullback. This could be interpreted as profit-taking or the closing of short-term positions. Then on May 13, open interest peaked at $17 billion and the price tested the $2,700 level. At this point, the market has been revitalized and interest has increased. However, on May 14, both the price and open interest fell slightly to $2,600 and $16.5 billion. This may indicate that the market has reached a short-term saturation. In general, price and open interest are moving in parallel. This suggests that position gains in futures are supporting the price and that investors’ directional expectations are having an impact on the price. The chart shows that both interest and volume are strong in the Ethereum market and investor behavior is in line with price.
Funding Rate
The chart shows that long positions dominated the Ethereum market between May 7-14. Funding rates remained consistently in positive territory, especially between May 9-11, when they rose to 0.011%, reflecting the market’s bullish sentiment. During this period, the ETH price rose from $2,000 to $2,700. On May 13, as the price peaked, the funding rate saw a limited increase, suggesting that purchases became a little more cautious. On May 14, both the funding rate and price declined, suggesting profit realization in long positions or a market retracement from an overly long area.
Long & Short Liquidations
We left behind a week with a very high level of liquidation amounts for ETH, which advanced to $ 2,700 by experiencing a rapid rise. This week, 599 million dollars of long and 928 million dollars of short transactions were liquidated.
| Date | Long Amount (Million $) | Short Amount (Million $) |
|---|---|---|
| May 07 | 23.19 | 31.92 |
| May 08 | 59.13 | 314.19 |
| May 09 | 160.60 | 166.34 |
| May 10 | 56.33 | 138.25 |
| May 11 | 111.24 | 45.64 |
| May 12 | 136.35 | 72.13 |
| May 13 | 52.72 | 160.52 |
| Total | 599.56 | 928.99 |
Supply Distribution
Total Supply: It reached 120,929,140 units, up about 0.1518% from last week.
New Supply: The amount of ETH produced this week was 183,401.
Velocity: Velocity, which was 7.86 last week, was realized as 7.98 as of May 12.
| Wallet Category | 05.05.2025 | 12.05.2025 | Change (%) |
|---|---|---|---|
| 100 – 1k ETH | 9.2489M | 9.2478M | -0.012% |
| 1k – 10k ETH | 12.5931M | 12.5881M | -0.040% |
| 10k – 100k ETH | 15.5658M | 16.7472M | 7.59% |
| 100k+ ETH | 4.6363M | 4.7303M | 2.03% |
According to the latest weekly data, a limited decrease of 0.012% was observed in 100 – 1k ETH wallets. Wallets in the 1k – 10k ETH range also experienced a slight decrease of 0.040%. In contrast, the 10k – 100k ETH segment stood out with a strong increase of 7.59%. An increase of 2.03% was observed in 100k+ ETH wallets.
Exchange Reserve
Between May 7-13, 2025, Ethereum reserves on exchanges decreased from 19,455,231 ETH to 19,101,853 ETH. During this period, there was a total net outflow of 353,378 ETH and the Ethereum reserves of the exchanges decreased by 1.82%. The Ethereum price, on the other hand, showed a strong increase of 47.9% during the same period. On May 7, 2025, Ethereum closed at $1,812, and on May 13, 2025, it closed at $2,680. The significant decline in reserves on exchanges suggests that investors tend to hold ETH assets for the long term. The tightening supply coupled with increased buying interest, especially in recent days, has created strong upward pressure on the Ethereum price. This bullish momentum on Ethereum may find support in the coming week if the outflows from exchanges continue and market interest persists.
| Date | 7-May | 8-May | 9-May | 10-May | 11-May | 12-May | 13-May |
|---|---|---|---|---|---|---|---|
| Exchange Inflow | 801,915 | 1,643,312 | 1,450,581 | 802,894 | 767,154 | 1,349,301 | 1,218,429 |
| Exchange Outflow | 824,899 | 1,631,275 | 1,638,770 | 839,858 | 782,567 | 1,472,693 | 1,219,887 |
| Exchange Netflow | -22,983 | 12,037 | -188,189 | -36,964 | -15,413 | -123,392 | -1,457 |
| Exchange Reserve | 19,455,231 | 19,467,268 | 19,279,080 | 19,242,116 | 19,226,703 | 19,103,311 | 19,101,853 |
| ETH Price | 1,812 | 2,208 | 2,345 | 2,583 | 2,515 | 2,496 | 2,680 |
Fees and Revenues
Analyzing the Ethereum Fees per Transaction (Mean) data between May 7 and May 13, it was observed that this value was at 0.000310292037312124 on May 7, the first day of the weekly period. On May 8, Ethereum Fees per Transaction (Mean) value, which entered an upward trend with the high volatility movements observed in Ethereum price, increased to 0.000937813921621081 on this date and recorded its highest value on a weekly basis.
The value, which showed a downward trend in the following days, closed at 0.000629401502227269 on May 13, the last day of the weekly period.
Bitcoin: Fees (Total)
Similarly, when the Ethereum Fees (Total) data between May 7 and 13 is analyzed, it is seen that this value was 405.95662387563874 on May 7, the first day of the weekly period. On May 8, Ethereum Fees (Total) value, which entered an upward trend with the high volatility movements observed in Ethereum price, increased to 1362.2413059430557 on this date and recorded its highest value on a weekly basis.
The value, which showed a downward trend in the following days, closed at 879.7547613591959 on May 13, the last day of the weekly period.
Blocks Mined
Between May 7 and May 13, Ethereum block production data shows an upward trend in the total number of blocks throughout the week. While 7,038 blocks were generated on May 7, this number increased to 7,109 as of May 13. This increase indicates a slight acceleration in the network’s transaction verification capacity.
In the relevant period, a positive correlation was observed between the number of block production and the Ethereum price.
Block Size
Between May 7 and May 13, Ethereum block size data showed an upward trend at the beginning of the week and a limited retracement towards the end of the week. On May 7, the average block size was 83,511 bytes, while this value increased to 89,163 bytes as of May 13.
There was a generally positive correlation between block size and Ethereum price in the relevant period.
Block Interval
Between May 7 and May 13, Ethereum block interval data shows a downward trend in block duration throughout the week. On May 7, the average block time was recorded as 12.27 seconds, while this time decreased to 12.15 seconds as of May 13.
During the period in question, the correlation between Ethereum block duration and price movements exhibited a dynamic structure. At the beginning of the week, there was a negative correlation between block duration and Ethereum price, while this relationship evolved into a positive correlation towards the middle of the week; however, towards the end of the week, a negative correlation prevailed again.
Transaction
Last week, a total of 8,777,734 transactions were executed on the Ethereum network, while this week it increased by about 9.41% to 9,603,824. The highest weekly transaction was 1,452,571 on May 8, while the lowest transaction count was 1,289,814 on May 11.
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. At the same time, the balanced progress of the “price-transaction count” relationship shows that transactions on the network occur naturally.
Tokens Transferred
While the total amount of ETH transferred on the Ethereum network last week was 8,233,618, this week it increased by 90.17% to 15,656,525. The transfer of 3,208,372 ETH on May 9 was the highest daily token transfer amount of the week, while the lowest value of the week was recorded on May 11 with only 1,403,107 ETH transferred.
In addition to the increase in the number of transactions, the amount of ETH transferred has also increased, indicating that the intensity of activity on the network has increased considerably. This suggests that bullish movements can be expected to continue in the market.
Estimated Leverage Ratio
During the entire 7-day period, the metric generally declined until the first half of the process. ELR (Estimated Leverage Ratio), which had a value of 0.729 at the beginning of the process, then reached the lowest point of the process, reaching 0.690 on May 11. The metric started to increase in the second half of the process, reaching a peak of 0.730 on May 13. 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 19.45 million reserves at the beginning of the process, this figure decreased towards the end of the process and is currently seen as 19.07 million. At the same time, Ethereum’s Open Interest is seen as 20.96 billion dollars at the beginning of the process. As of now, open interest, which has risen in the process, is 30.40 billion dollars. With all this data, the ELR metric followed a fluctuating course. The price of the asset moved in line with the open interest and rose from $1,820 to $2,640. In the overall process, the downward trend in reserves and the rise in the open interest rate explain the rise in the ELR ratio since the middle of the process. As a result, the decline in reserves and the rise in the open interest rate show us that there is an impression of an increase in the market. If the decline in the amount of reserves continues and the open interest data continues to increase, we can predict that the rise will 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.
