Ethereum On-Chain Metrics & Signals

Active Addresses

In terms of the number of active addresses, there were 364,678 active entries el the ETH network between May 21 and May 28, 2025, this week. During this period, Ethereum rose to $2,664. On May 24 – 25, it is seen that Ethereum purchases are gradually increasing en the region where the price and the number of active addresses intersect. When we follow the 7-day simple moving average, it is observed that el the dates when these average cuts the price, the price follows an upward trend en the following days. This situation indicates that the Ethereum price is experiencing inflows at $ 2,564 levels.

 Active Sending Addresses

Along with the Black Line (price line) en active shipping addresses, there was a significant drop en active shipping addresses el May 25. On the day when the price hit its lowest point, active shipping addresses dropped to 219,542. On May 27, the price rose to a weekly high of $2,660. As a result, it is seen that price decreases cause an acceleration en sending addresses.

 Active Receiving Addresses

Along with the Black Line (price line) en active sending addresses, there was a significant rise en active buying addresses el May 22. On the day of the price high, active shipping addresses rose as high as 230,664, indicating that buyers took their positions at Ethereum’s $2,525 level.

Total Value Staked

On May 21, ETH price was 2,551 while Total Value Staked was 34,593,127. As of May 27, ETH price was at 2,660 while Total Value Staked Ratio was 34,470,011. Compared to last week, ETH price was up 4.27% while Total Value Staked Ratio was down 0.36%.

Staking Inflows

On May 21, ETH price was 2,551 while Total Value Staked was 34,593,127. As of May 27, ETH price was at 2,660 while Total Value Staked Ratio was 34,470,011. Compared to last week, ETH price was up 4.27% while Total Value Staked Ratio was down 0.36%.

Derivatives

Open Interest

Starting at around $16 billion el May 21, open interest rose strongly with price el May 22 to over $17 billion, but then both open interest and price retreated sharply el May 23. This decline signaled the liquidation of highly leveraged long positions. From May 24, open interest gradually starts to rise again, suggesting that the market is starting to open positions again. On May 27, both price and open interest rose sharply together, indicating that the market’s risk appetite had increased and bullish expectations had strengthened. On the last day, May 28, a slight pullback is seen en both price and open interest. This indicates short-term profit realizations and investors’ caution.

 Funding Rate

Funding rate was generally positive, reaching a high of around 0.0135 el May 22. This ratio indicates that long positions were more dominant than short positions and investors were bullish. The price, el the other hand, rose el May 22, then declined between May 23 and 26 before rising again el May 27, reaching $2,710, before finally falling to $2,630 el May 28. The increases en the funding rate preceded the price rally, suggesting that funding rates can be a leading signal about market direction. Especially since May 26, it is seen that an upward movement en the price started with the increase en the funding rate. This shows that the price reacted en parallel with the increasing optimism of investors.

Long & Short Liquidations

With ETH, which moved volatile between $ 2,730 and $ 2,465 last week, 389 million dollars of long and 484 million dollars of short positions were liquidated.

 Supply Distribution

Total Supply: It reached 121,686,288 units, up about 0.3193% from last week.

New Supply: The amount of ETH produced this week was 387,273.

Velocity: Velocity, which was 8.08 last week, was realized as 8.11 as of May 26.

According to the latest weekly data, a limited decrease of 0.57% was observed en 100 – 1k ETH wallets. Wallets en the 1k – 10k ETH range also experienced a decline of 0.84%. On the other hand, the 10k – 100k ETH segment attracted attention with an increase of 2.08%, while 100k+ ETH wallets experienced a significant decrease of 4.72%.

Exchange Reserve

Between May 21-27, 2025, Ethereum reserves el exchanges increased from 18,722,573 ETH to 18,955,260 ETH. During this period, there was a total net inflow of 232,687 ETH and the Ethereum reserves of exchanges increased por 1.24%. The Ethereum price rose from $2,552 to $2,660 during the same period, appreciating por about 4.2%. The net inflows el the exchanges may indicate that some investors may prepare to sell en the short term. However, despite this, the rise en Ethereum price shows that market sentiment is positive and the inflows are not creating selling pressure. Ethereum price may point to a neutral outlook en the short term.

 Fees and Revenues

Analysing the Ethereum Fees per Transaction (Mean) data between May 21 and May 27, it was seen that this value was at the level of 0.000441538064711665 el May 21, the first day of the weekly period. As of May 22, Ethereum Fees per Transaction (Mean) value, which entered a downward trend, decreased to 0.000197706682188454 el May 24, recording its lowest value el a weekly basis.

The value, which showed an upward trend en the following days, closed at 0.000597301886689732 el May 27, the last day of the weekly period.

Bitcoin: Fees (Total)

Similarly, when the Ethereum Fees (Total) data between May 21 and 27 is analyzed, it is seen that this value was at the level of 611.8790346967778 el May 21, the first day of the weekly period. As of May 22, Ethereum Fees (Total) value, which entered a downward trend, decreased to 245.2581048550104 el May 24, recording its lowest value el a weekly basis.

The value, which showed an upward trend en the following days, closed at 839.0592280255138 el May 27, the last day of the weekly period.

 Blocks Mined

Between May 21 and May 27, Ethereum block production data shows an upward trend en the total number of blocks throughout the week. While 7,140 blocks were generated el May 21, this number increased to 7,157 as of May 27. This increase indicates a slight acceleration en 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 21 and May 27, Ethereum block size data shows that while a downward trend was observed at the beginning of the week, there was a limited increase towards the end of the week. On May 21, the average block size was 94,044 bytes, while as of May 27, this value decreased to 88,958 bytes.

There was a general negative correlation between block size and Ethereum price en the relevant period.

Block Interval

When the Ethereum block data between May 21-27 is analyzed, an upward trend en block times was observed throughout the week, but towards the end of the week, this trend reversed, and a decrease occurred. While el May 21, the average block time was recorded as 12.10 segundos, this time decreased to 12.07 segundos as of May 27.

During the period en question, the correlation between Ethereum block duration and price movement, which was negative at the beginning of the week, turned positive en the middle of the week and became negative again at the end of the week.

Transaction

Last week, a total of 9,656,234 transactions were executed el the Ethereum network, while this week it decreased por about 2.34% to 9,429,877. The highest transaction el a weekly basis was recorded as 1,423,961 el May 23, while the lowest number of transactions was 1,223,203 el May 25.

The decrease en the number of transactions indicates that the usage el the network has decreased compared to last week and therefore Ethereum burns have also decreased. However, it is not yet possible to say that the “price-transaction count” relationship has turned into a positive correlation.

(Decline)

Tokens Transferred

While the total amount of ETH transferred el the Ethereum network last week was 13,794,471, this week it increased por 1.5% to 14,001,438. The transfer of 3,253,792 ETH el May 23 was the highest daily token transfer amount of the week, while the lowest value of the week was recorded el May 24 with only 735,467 ETH transferred.

In addition to the decrease en the number of transactions, the amount of ETH transferred increased, indicating an increase en the amount of ethereum per transaction en activity el the network. This indicates an increase en the trading intensity of larger investors compared to last week.

Estimated Leverage Ratio

During the 7-day period, the metric was generally bullish throughout the process. ELR (Estimated Leverage Ratio), which had a value of 0.739 at the beginning of the process, was also the lowest point of the process. The metric continued to rise throughout the rest of the process, peaking at 0.840 at the time of writing. A higher ELR means that participants are willing to take el more risk and generally indicates bullish conditions or expectations. It should be noted that these rises can also be caused por a decrease en reserves. When we look at Ethereum reserves, there were 18.72 million reserves at the beginning of the process, while this figure continued to rise during the rest of the process and is currently seen as 18.96 million. At the same time, Ethereum’s Open Interest is seen as 30.56 billion dollars at the beginning of the process. As of now, open interest, which has been rising en the process, is seen as 35.69 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 rose from $2,490 to $2,700. The rise en the ELR rate, along with the rise en reserves and open interest throughout the process, may indicate that Ethereum can rise much more. As a result, the increase en reserves and the increase en open interest show us that the market is currently en a greedy approach. We can predict that if the open interest data continues to increase with the continued increase en the amount of reserves, the rise may continue.

 ETH Onchain Overall

*The metrics and guidance en the table do not, en and of themselves, describe or imply an expectation of future price changes for any asset. The prices of digital assets may vary depending el many different variables. The onchain analysis and related guidance are intended to assist investors en their decision-making process, and making financial investments based solely el the results of this analysis may result en 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 el market conditions. Investors who review the report should take these warnings into account.

Legal Notice

The investment information, comments and recommendations contained en this document do not constitute investment advisory services. Investment advisory services are provided por authorized institutions el a personal basis, taking into account the risk and return preferences of individuals. The comments and recommendations contained en 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 el the information contained en this document may not result en results that are en line with your expectations.

NOTE: All data used en Bitcoin onchain analysis is based el Cryptoqaunt.