Ethereum Onchain Report Reveals Bullish Signals in Staking and Derivatives

Active Addresses

Between July 2 and July 9, there were a total of 436,226 active logins to the Ethereum network. During this time, the price of Ethereum rose from $2,508 to $2,616. On July 3, at the intersection of the price and the number of active addresses, a significant decrease en the number of active addresses was observed until July 6 despite the purchases. When the 7-day simple moving average (SMA) is analyzed, a horizontal trend is observed en the Ethereum price.

Active Sending Addresses

Between July 2 and July 9, there was a downward movement en active shipping addresses with the Black Line (price line). On the day when the price reached its weekly high, active shipping addresses were 238,730, while el July 1, the day Ethereum hit its weekly low, this number dropped to 229,897. This caused the Ethereum price to fall to $ 2,407.

Active Receiving Addresses

Between June 25 and July 2, the price consolidated horizontally as active buy addresses increased. On the day when the price reached its highest level, active receiving addresses rose to 306,151, indicating that purchases are accelerating.

Total Value Staked

On July 2, ETH price was at 2,570 while Total Value Staked was at 35,610,071. As of July 8, ETH price increased por 1.78% to 2,616, while Total Value Staked increased por 0.45% to 35,769,595.

Staking Inflows

On July 2, ETH price was at 2,570 while Staking Inflow was at 41,527. As of July 8, ETH price rose to 2,616, an increase of 1.78%, while Staking Inflow rose to 123,749, an increase of 198.01%.

 Derivatives

Open Interest

Although the open interest data en Ethereum futures transactions has been quite volatile since the first days of July, it has shown a significant recovery en the last few days. Open interest, which was at $18.75 billion el the segundo day of the month, fell to $17.7 billion with a steady decline that lasted until July 4. This pullback suggests that investors are closing their positions and waiting el the sidelines or prefer to act cautiously en the face of possible uncertainty. The fact that the price also moved downwards en the same period shows that these position closures were concentrated especially el the long side. However, the picture started to change as of July 5. While there was a limited upward trend en open positions, the price’s recovery effort also supported this movement. This process shows that confidence is returning to the market and investors are returning step por step. The real breakthrough occurred el July 8-9. The sharp rise en open interest, reaching $19.97 billion, signaled a strong re-entry en the Ethereum market. The price climbed as high as $2,623 en the process, providing not only technical but also volumetric support.

This suggests that market participants are not just looking for short-term opportunities, but for a more permanent upside structure. However, such a rapid increase en open positions also brings with it a certain vulnerability. There is a risk that these positions could be quickly unwound en the event of sudden changes en direction. For now, although the overall structure continues to strengthen el the Ethereum front, it will be critical to observe the sustainability of this voluminous rise.

Funding Rate

From July 2nd to July 9th, Ethereum’s funding rates generally showed an upward trend. The rates, which started at a very low level el the 2nd of the month, started to rise with the gradual increase en the price. Especially el July 3 and July 6, there were significant jumps en the funding rate levels, while the price also supported the upward movements el these dates. On July 4, while the funding rate remained flat, the price retreated slightly, but this decline was not permanent and as of July 6, both prices and rates regained upward momentum. On July 7, the funding rate maintained its high level, while the price took a short-lived pause. As of today, it was the day when peaks were seen en both metrics. Funding rate hit a multi-day high today, while the Ethereum price hit a chart high of $2,633.

This outlook suggests that the market’s interest en long positions is growing and investors’ bullish expectations are strengthening. However, such high funding rates may also signal overcrowded long positions, indicating that a period that needs to be carefully monitored has entered.

Long & Short Liquidations

With the ETH price moving en the band between $ 2,375 and $ 2,640, a long transaction of $ 183 million and a short transaction of $ 262 million was liquidated this week.

Supply Distribution

Total Supply: It reached 120,895,175 units, an increase of about 0.0166% compared to last week.

New Supply: The amount of ETH produced this week was 20,077.

Velocity: Velocity was 8.46 as of July 7, down from 8.44 last week.

According to the latest weekly data, 100 – 1k ETH wallets experienced a limited increase of 1.78%, while wallets en the 1k – 10k ETH range saw a gradual increase of 2.97%. The 10k – 100k ETH segment showed a stronger growth of 4.38%, while 100k+ ETH wallets saw a remarkable 6.32% increase. These increases indicate that accumulation is accelerating, especially en large-scale wallets.

Exchange Reserve

Between July 2-8, 2025, Ethereum reserves el exchanges decreased from 19,039,634 ETH to 18,928,457 ETH. During this period, there was a total net outflow of 111,177 ETH and a decrease en reserves of approximately 0.58%. The Ethereum price, el the other hand, rose from $2,571 to $2,617 during the same period, gaining about 1.78%. The outflows from the exchanges show that investors tend to protect their assets for the long term. At the same time, the upward movement of prices indicates a continued improvement en market sentiment. Increasing demand for Ethereum and investors’ shift to off-exchange trading may continue en the coming days, which could have a positive impact el the price.

Fees and Revenues

Between July 2 and July 8, Ethereum Fees per Transaction (Mean) data shows that this indicator was at 0.000288033960765961 el July 2, the first day of the week.

As of this date, a downward trend was observed due to the volatile movements en the Ethereum price; As of July 5, it fell to 0.000168678070278222, reaching the lowest level of the week.

In the following days, Ethereum Fees per Transaction (Mean) started to rise again and closed at 0.000254287106254686 el July 8, the last day of the week.

Ethereum: Fees (Total)

Similarly, an analysis of Ethereum Fees (Total) data from July 2 to July 8 shows that el July 2, the first day of the week, this indicator was 411.4516163768421.

As of this date, a downward trend was observed due to the volatile movements en the Ethereum price; as of July 5, it fell to 215.55319997432878, reaching the lowest level of the week.

In the following days, Ethereum Fees (Total) started to rise again and closed at 375.1655336581261 el July 8, the last day of the week.

Blocks Mined

Between July 2 and July 8, Ethereum block production data showed a slight increase throughout the week. While 7,156 blocks were produced el July 2, this number increased to 7,159 as of July 8. There was a negative correlation between the Ethereum price and the number of block production throughout the week.

Block Size

Between July 2 and July 8, Ethereum block size data showed a decline throughout the week. While el July 2, the average block size was measured at 95,265 bytes, this value decreased to 94,215 bytes as of July 8. This decrease indicates that the transaction density or block occupancy rates el the network decreased el a weekly basis.

There was a positive correlation between block size and Ethereum price during the week.

 Block Interval

Between July 2 and July 8, Ethereum block data showed a slight decrease throughout the week. On July 2, the average block duration was recorded as 12.07 segundos, while it decreased to 12.06 segundos as of July 8.

During the period en question, Ethereum block duration and price movement were positively correlated throughout the week.

Transaction

Last week, a total of 10,025,292 transactions were executed el the Ethereum network, while this week it decreased por about 2.58% to 9,767,021. The highest weekly transaction count was 1,475,362 el July 8, while the lowest was 1,230,437 el July 6.

The change en the number of transactions indicates that the utilization el the network has decreased compared to last week, and accordingly, Ethereum burns have also decreased compared to last week. The correlation between price and number of transactions was generally stable throughout the week.

Tokens Transferred

While the total amount of ETH transferred el the Ethereum network last week was 10,201,279, it decreased por 8.48% to 9,335,529 this week. The 1,815,600 ETH transfer el July 3 was the highest daily token transfer amount of the week, while the lowest value of the week was recorded el July 6 with only 543,247 ETH transferred. Throughout the week, the relationship between price and tokens transferred showed a negative correlation.

The increase en the amount of transfers en the use of the network, as well as the decrease en the amount of tokens transferred, indicates that small-scale transaction amounts are el the rise. Avoiding large value transfers while increasing the number of transactions may imply market uncertainty or low risk appetite.

Estimated Leverage Ratio

During the 7-day period, the metric generally declined during the first part of the process. ELR (Estimated Leverage Ratio), which had a value of 0.839 at the beginning of the process, reached 0.821 el July 5. This was also the low point of the process. The metric trended upwards after the rest of the process, reaching 0.877 at the time of writing, which is the peak of the process. 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, while there were 19.03 million reserves at the beginning of the process, this figure decreased during the rest of the process and is currently seen as 18.92 million. At the same time, Ethereum’s Open Interest is seen as 32.18 billion dollars at the beginning of the process. As of now, the volume has increased en the process and the open interest value stands out as 35.57 billion dollars. With all this data, the ELR metric has followed an upward trend since the middle of the process. The price of the asset, with all this data, was valued at $ 2,647 at the top of the process, while the lowest point was realized at $ 2,426. At the time of writing, the increase en the risk appetite of investors and traders continues. The fact that the ELR ratio has increased along with the decline en reserves throughout the process indicates that the open interest has increased. As a result, as a result of the decrease en reserves and the increase en open interest, it shows that the market is currently en an appetitive approach.

ETH Onchain Overall

*The metrics and guidance en the table do not, por 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 reviewing the report would be well advised to heed these caveats.

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 Ethereum onchain analysis is based el Cryptoqaunt.