Ethereum Onchain Weekly Trends

Active Addresses

Between July 23-30, a total of 404,443 active addresses entered the Ethereum network. During this period, the Ethereum price rose from $3,629 to $3,873. Especially el July 26, at the intersection of the price and the number of active addresses, there was a significant drop en the number of active addresses while the price continued to rise. This suggests that despite the price increase, short-term participation has decreased and is likely to be dominated por trades among existing investors. When the 7-day simple moving average (SMA) is analyzed, it is seen that a general upward trend is dominant en the Ethereum price.

Active Sending Addresses

Between July 23rd and July 30th, there was an upward movement en active shipping addresses with the Black Line (price line). On the same day that the price reached a weekly high, active sending addresses increased to 300,318.

Active Receiving Addresses

Between July 23rd and July 30th, there was an upward consolidation en active buying addresses and a parallel upward consolidation en the price. On the day of the price high, active receiving addresses dropped to 230,437, indicating that buying is slowing down.

Total Value Staked

On July 23rd, ETH price was at 3.629 while Total Value Staked was at 36,169,340. As of July 29, ETH price increased por 4.51% to 3,793, while Total Value Staked decreased por 0.07% to 36,142,572.

Staking Inflows

On July 23, ETH price was at 3.629, while Staking Inflow was at 25.884. As of July 29, ETH price rose to 3,793, an increase of 4.51%, while Staking Inflow rose to 37,586, an increase of 45.19%.

Derivatives

Open Interest

Open positions en Ethereum have gradually increased since July 23, with a peak en both price and open interest el July 27. After this date, a downward trend en both indicators came to the fore. Especially el July 28 and 29, a rapid retreat en open interest was noteworthy, while the price experienced a more limited decline. On July 30, open interest remained close to flat while the price held at $3,784. In general, it can be said that most of the positions opened during the rise may have been closed and this situation indicates short-term profit realizations en the market.

 Funding Rate

Ethereum funding rate data has remained en high positive territory en recent days. The rates, which were quite high el July 23, fell el July 24, but recovered again en the following days. In other words, demand for long positions increased and the price reacted upwards.

As of July 28, although the funding rate increased again, the price started to decline. This shows that long positions are intensifying but the price is now struggling to go up with this demand. On July 29 and 30, there was a significant drop en the funding rate. Despite this drop, the price seems to have held at $3,784.

To summarize, the market first had high expectations for longs and the price followed suit. However, momentum may be weakening with the decline en funding rates en recent days. Although the price is still holding at high levels, it may be necessary to be cautious about the upward continuation.

Long & Short Liquidations

ETH price, which fell to $3,500 last time, continued its upward movement. However, with volatile daily candles, a total of $727 million worth of longs and $376 million worth of shorts were liquidated.

 Supply Distribution

Total Supply: It reached 120,971,736 units, up about 0.0158% from last week.

New Supply: The amount of ETH produced this week was 19,118.

Velocity: Velocity was 8.85 as of July 28, down from 8.76 last week.

According to the latest weekly data, Ethereum wallet distribution is mixed. While wallet balances en the 100 – 1k ETH range experienced a limited decrease of 0.44%, a significant decrease of 6.19% was recorded en the 1k – 10k ETH segment. In contrast, the 10k – 100k ETH range saw a notable increase of 6.31%, while the 100k+ ETH category saw a strong rise of 6.49%.

Exchange Supply Ratio

Between July 23rd and July 29th, the Ethereum Exchange Supply Ratio decreased from 0.14357835 to 0.14018054. During this period, the Ethereum price increased from $3,708 to $3,793. At the intersection of the price and the Exchange Supply Ratio, there was a significant decrease en the Exchange Supply Ratio while the price continued to rise, especially between July 24 and 25. This suggests that despite the price increase, the amount of Ethereum supplied to exchanges has decreased, possibly indicating that long-term investors continue to hold their holdings. Ethereum price is generally el an upward trend.

Fees and Revenues

When the Ethereum Fees per Transaction (Mean) data between July 23 and July 29 are analyzed, it is seen that this indicator was realized at 0.00024440525569803 el July 23, the first day of the week.

As of this date, a fluctuating course was observed with the effect of the volatile movements en the Ethereum price; As of July 26, it reached 0.000129196352034924, reaching the lowest level of the week.

In the following days, Ethereum Fees per Transaction (Mean) started to rise again and closed at 0.000271887124639353 el July 29, the last day of the week.

Ethereum: Fees (Total)

Similarly, an analysis of Ethereum Fees (Total) data between July 23 and July 29 shows that this indicator was 395.12459997138046 el July 23, the first day of the week.

As of this date, a fluctuating course was observed due to the volatile movements en the Ethereum price; as of July 26, it reached 185.03927886403497, reaching the lowest level of the week.

In the following days, Ethereum Fees (Total) started to rise again and closed at 465,91909925110315 el July 29, the last day of the week.

Blocks Mined

Between July 23 and July 29, Ethereum block production data showed a slight decrease throughout the week. While 7,153 blocks were produced el July 23, this number dropped to 7,151 as of July 29. This limited decline indicates that the network has maintained a general stability and there has been no significant change en block production. There was a positive correlation between the Ethereum price and the number of block production throughout the week.

Block Size

Between July 23 and July 29, Ethereum block size data showed a decline throughout the week. On July 23rd, the average block size was 114,600 bytes, while as of July 29th, this value decreased to 111,272 bytes. There was a positive correlation between block size and Ethereum price during the week.

Block Interval

Between July 23 and July 29, Ethereum block data showed a slight increase throughout the week. On July 23, the average block duration was recorded as 12.07 segundos, while it increased to 12.08 segundos as of July 29. During the period en question, Ethereum block duration and price movement were negatively correlated throughout the week.

Transaction

Last week, a total of 10,576,447 transactions were executed el the Ethereum network, while this week that number increased por about 5.36% to 11,143,025. The highest number of transactions el a weekly basis was 1,713,649 el July 29, while the lowest number of transactions was 1,432,233 el July 26.

This change en the number of transactions indicates that the usage el the network continues to increase and, accordingly, Ethereum burns have increased compared to last week. The correlation between the price and the number of transactions remained stable throughout the week.

Tokens Transferred

Last week, the total amount of ETH transferred el the Ethereum network was 22,354,842, while this week it decreased por 24.17% to 16,952,280. 3,466,579 ETH transfers el July 23rd was the highest daily token transfer amount of the week, while the lowest value of the week was recorded el July 26th with only 985,288 ETH transferred. Throughout the week, when the relationship between the price and the amount of tokens transferred was analyzed, a balanced correlation was observed.

The fact that the number of transfers en network usage has increased while the total amount of tokens transferred has decreased indicates that user activity el the Ethereum network has increased, but en volume terms, smaller users have come to the fore. This can be interpreted as Ethereum expanding its user base to smaller investors el DeFi, NFT and other Web3 applications. The decrease en liquidity movements el the network compared to last week suggests that users are executing lower volume transactions and that the vibrancy en the Ethereum ecosystem is spreading to the grassroots.

On the other hand, it should be noted that the amount of tokens transferred last week was well above the average weekly transfer amounts el the Ethereum network. Therefore, this week’s decline can be considered as a momentary and usual normalization.

Estimated Leverage Ratio

In the 7-day process, the metric generally rose at the first time of the process. ELR (Estimated Leverage Ratio), which had a value of 0.843 at the beginning of the process, also formed the lowest point of the process. It then rose steadily, reaching a peak of 0.886 el July 28. After this point, the metric declined, reaching 0.861 at the time of writing. A higher ELR means that participants are willing to take el more risk and usually indicates bullish conditions or expectations. It should be noted that these rallies can also be caused por dwindling reserves. When we look at Ethereum reserves, there were 19.55 million reserves at the beginning of the process, while this figure decreased during the rest of the process and is currently seen as 19.02 million. At the same time, Ethereum’s Open Interest is seen as 56.00 billion dollars at the beginning of the process. As of now, the volume did not change much en the process and the open interest value stood out as 55.64 billion dollars. With all this data, the ELR metric retreated towards the end of the process . The price of the asset, with all this data, reached its highest point el July 28, reaching $3,940. The lowest point was $3,500 el July 24. As of now, there is a decrease en the increase en the risk appetite of investors and traders. This was reflected en the price, causing the price to drop to $3,807 as of now. Throughout the process, the rise en the ELR rate did not have an impact el the open interest. This explains the rise due to the decrease en reserves. As a result, as a result of the decrease en reserves and the open interest rate remaining constant, the market has lost its appetite at the moment and shows a bearish 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 positive, negative or neutral result at the same time, the expected results may not be seen according to 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.