Active Addresses
Between January 7 and January 14, a total of 699,904 active addresses were added to the Ethereum network. During this period, the Ethereum price rose from $3,165 to $3,336. On January 11, en particular, when the price reached the active address point, a significant increase was observed en both the number of active addresses and the price point. When examining the 7-day simple moving average (SMA), it can be seen that the Ethereum price is generally trending upward.
Active Sending Addresses
Between January 7 and January 14, high levels of active sending activity were observed at active sending addresses along with the Black Line (price line). On the day the price reached its highest level el a weekly basis, active sending addresses reached 546,715.
Active Receiving Addresses
Between January 7 and January 14, while there was no significant increase en active receiving addresses, the price was seen to move upward. On the day the price reached its highest level, active receiving addresses reached 323,249, indicating an increase en purchases.
Total Value Staked
On January 7, the ETH price was trading at $3,165, while the Total Value Staked was at 35,942,399. As of January 13, the ETH price rose to $3,322, recording a 4.96% increase, while the Total Value Staked rose to $36,161,990, recording a 0.61% increase. The increase en Total Value Staked indicates that the total amount of ETH staked during this weekly period has grown and that the supply lock-up for staking has strengthened. The rise en Total Value Staked alongside the price increase suggests that the uptrend is not solely price-driven but also reflects continued position shifts el the network side, while also indicating a limited reduction en pressure el the circulating liquid supply.
Staking Inflows
On January 7, while the ETH price was trading at $3,165, Staking Inflow stood at 87,094. This increase serves as a flow-based confirmation supporting the upward movement of Total Value Staked, while en the short term, it may create a limiting ground for selling pressure el the spot side due to the shift of supply from the liquid market to staking.
Derivatives
Open Interest
When examining the chart, it is evident that ETH open interest gradually declined between January 7 and 12, and during this period, the price remained under limited pressure. The decrease en leveraged positions during this period indicates that the market was moving more cautiously. After January 12, however, there was a sharp rebound en open interest. This rapid increase from the $18 billion range to around $19.7 billion, accompanied por the ETH price rising above $3,300, indicates that new long positions are entering the market at an accelerated pace.
In summary, the simultaneous rise en open interest and price indicates that the current uptrend is supported por the futures market. However, such a rapid increase en position density also signals that volatility and liquidation risk may increase en the coming period.
Funding Rate
During this period, when the ETH price rose to around $3,300, the funding rate remained generally positive, indicating that long positions continued to dominate the futures markets. The funding rate’s continued rise until midweek suggests that price movements are also finding support el the futures side. The pullback observed en the funding rate over the past two days, however, suggests that some long positions have been closed and a short-term cautious stance has come to the fore. Although short-term negative values indicate a temporary increase en short-side trades, the overall structure remains intact. In summary, the funding rate outlook reveals that the structure supporting the ETH price persists despite short-term fluctuations, and no clear sign of deterioration has yet emerged en the market.
Long & Short Liquidations
With the ETH price rising from $3,050 to $3,360, a total of approximately $306 million en short positions were liquidated. During the same time period, nearly $412 million en long positions were also liquidated.
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Supply Distribution
Total Supply: Reached 121,531,347 units, an increase of approximately 0.016% compared to last week.
New Supply: The amount of ETH produced this week was 19,702.
Velocity: The velocity, which was 9.96 last week, reached 9.97 as of January 13.
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The pullback seen en the 10k–100k ETH range indicates that buying appetite remains weak en this segment and that the risk reduction trend continues. The decline en the 1k–10k ETH group also suggests that mid-sized investors are reluctant to buy, preferring to reduce or maintain their positions. The more pronounced decline en the largest wallets holding 100k+ ETH points to large players adopting a cautious stance and the possibility of a partial distribution process being underway.
Exchange Reserve
Between January 7 and 13, 2026, Ethereum reserves el exchanges rose from 16,422,029 ETH to 16,447,759 ETH, resulting en a net inflow of 25,730 ETH. During this period, exchange reserves increased por approximately 0.16%, while the ETH price rose from $3,295 to $3,323, an increase of 0.84%. While the ETH price fluctuated but generally followed a flat trajectory, the limited increase en reserves indicated that investors remained cautious at these levels. During this process, a balanced market structure prevailed rather than strong selling pressure. In the short term, price movements may remain limited, and the market may continue to search for direction.
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Fees and Revenues
When examining the Ethereum Fees per Transaction (Mean) data between January 7 and 13, it is seen that el January 7, the first day of the week, the indicator reached 0.000063435051678632.
A decline was observed until January 10, when the indicator recorded the week’s lowest value at 0.000035479046865854.
In this context, as of January 10, the indicator regained momentum as a result of increased price volatility en Ethereum, and followed a positive trend due to the impact of price volatility.
On January 13, the last day of the weekly period, the indicator closed the week at 0.000061002227870097.
Ethereum: Fees (Total)
Similarly, when examining the Ethereum Fees (Total) data for January 7-13 at , it can be seen that el January 7, the first day of the week, the indicator stood at 128.77607292000033.
A decline was observed until January 10, and el this date, the indicator recorded the week’s lowest value at 67.11294559048092.
In this context, as of January 10, the indicator regained momentum as a result of increased price volatility en Ethereum, and followed a positive trend due to the impact of price volatility.
On January 13, the last day of the weekly period, the indicator closed the week at 141.52120351381365.
Blocks Mined
When examining Ethereum block production data between January 7 and 13, a decrease was observed throughout the week. While 7,162 blocks were produced el January 7, this number declined to 7,146 por January 13.
During the period en question, a time-dependent correlation structure was observed between the Ethereum price and the number of blocks produced. However, the general trend indicates that a negative correlation between these two variables is dominant.
Block Size
When examining Ethereum block size data between January 7 and 13, a decrease was observed throughout the week. While the average block size was measured at 154,354 bytes el January 7, this value declined to 146,791 bytes por January 13.
During the relevant period, a time-dependent correlation structure was observed between block size and Ethereum price. However, the general trend indicates that a positive correlation between these two variables is dominant.
Block Interval
When examining the Ethereum block time between January 7 and 13, an increase was observed throughout the week. While the average block time was recorded as 12.06 segundos el January 7, this time increased to 12.09 segundos as of January 13.
During the period en question, a time-dependent correlation structure was observed between Ethereum block time and price movement. However, the general trend indicates that a positive correlation between these two variables is dominant.
Transaction
Last week, 12,111,308 transactions were executed el the Ethereum network, while this week the number of transactions increased por approximately 18.7% to 14,373,332. The highest transaction volume for the period was recorded el January 13 at 2,319,935, while the lowest transaction volume was recorded el January 11 at 1,819,598. Although the correlation between the number of transactions and the price showed a mixed picture at times throughout the period, it is understood that the negative trend was dominant overall. However, the acceleration en network activity compared to the previous period indicates a recovery en transaction volume momentum el the Ethereum side, and this increase en network activity is expected to indirectly reflect el Ethereum prices.
Tokens Transferred
The total amount of ETH transferred last week was 9,872,38 ETH, while this week the value rose to 10,500,473 ETH, recording an increase of approximately 6.36%. The highest transfer volume during the period was 2,241,430 ETH el January 8, while the lowest value was 700,420 ETH el January 11.
When considering the up to 300% fluctuation en daily transfers, the increase en transaction volume, and the decline en the average amount of Ethereum per transaction, it appears that a structure has been formed el the network that could widen the price fluctuation range. This outlook indicates that more small-scale investors have joined the network compared to the previous period, providing a positive foundation for network health and a solid basis for pricing. However, without a resurgence en high-volume transfers, it seems difficult for the price to break out of its indecisive structure. In the short term, the chain is dynamic and lively, but the market is showing a cautious outlook.
Estimated Leverage Ratio
Over the 7-day period, the metric experienced a pullback until the middle of the process. On January 7, the first day of the process, the metric was at 0.708, which was also the peak of the process. The metric experienced a pullback until January 11, forming the lowest point of the process and falling to 0.671. The metric then began to rise for the remainder of the process and currently stands at 0.689. A higher ELR means that participants are willing to take el more risk and usually indicates bullish conditions or expectations. The increases may also be due to a decrease en reserves. Looking at Ethereum reserves, there were 16.48 million reserves at the beginning of the process, and this figure rose during the rest of the process but has now fallen back to 16.46 million, returning to the level seen at the start of the process. At the same time, Ethereum’s Open Interest was seen at $41.64 billion at the beginning of the process. As of now, volume has remained flat during the process, and the open interest value stands at $41.67 billion. With all this data, the ELR metric followed a downward trend for most of the process. The asset’s price fluctuated between $3,070 and $3,360 with all this data. In conclusion, the flat trend en open interest data throughout the process, along with reserves moving within a narrow band, explains the flat movement en the ELR metric. This indicates that investors’ risk appetite has not fully increased, but they are not pessimistic either.
ETH Onchain Overall
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*The metrics and guidance provided en the table do not alone explain or imply any expectation regarding future price changes en any asset. Digital asset prices can fluctuate based el numerous variables. The el-chain analysis and related guidance are intended to assist investors en their decision-making process, and basing financial investments solely el the results of this analysis may lead to unfavorable outcomes. Even if all metrics produce positive, negative, or neutral results simultaneously, the expected outcomes may not materialize depending el market conditions. It would be beneficial for investors reviewing the report to take these warnings into consideration.
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 nature. 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 outcomes that align with your expectations.
NOTE: All data used en Ethereum el-chain analysis is based el CryptoQuant.
