Active Addresses
Active Sending Addresses
Sending addresses are showing more volatile movements. While they peaked around 540K on March 12, there was a significant drop to around 280K by March 15. Such sharp declines typically indicate a noticeable decrease in selling activity or transfer volume. In other words, the market had quieted down a bit during those days. Subsequently, there was a recovery back to levels above 350K. This indicates that activity hasn’t completely disappeared but has merely contracted temporarily.
Active Receiving Addresses
The number of receiving addresses starts at a strong level around 250K at the beginning of the week. It drops significantly toward March 14, falling to the 200K range. At this point, there is a brief slowdown in new entries to the network. However, a recovery follows after March 15, reaching levels around 260K. In other words, the inflow side has not weakened; there was merely a brief pause. The fact that it regains momentum alongside the price increase further supports this.
Total Value Staked
The total amount of staked ETH has risen almost continuously throughout the week. Starting at 37.8 million, there has been a steady increase toward the 38 million mark. The key point here is this: despite the price pullback following March 16, there has been no decline in the staked amount. In other words, investors continued to stake rather than unstake as the price fell. This indicates that long-term expectations remain intact and that the “hold” sentiment in the market remains strong.
Staking Inflows
Stake inflows are quite irregular. There were moderate inflows on March 11–12. A significant spike was observed on March 13 (one of the week’s highest). This is followed by a noticeable drop on March 14–15. Then, on March 16, there is another strong inflow. This pattern generally indicates that large players, rather than individual investors, are staking intermittently. In other words, there is no continuous flow, but when it comes, it’s strong.
Derivatives
Open Interest
Open Interest followed a relatively flat trend until March 13, then saw a very strong surge between March 14 and 16, reaching a peak. This indicates that new positions entered the market and interest increased. However, after the peak, both price and OI decline together. This is an important detail. Because this situation indicates that existing positions are being closed rather than new capital entering the market. In other words, the market is easing up a bit, and leverage is decreasing.
Funding Rate
Funding rates remained positive throughout the week, but there was no clear direction. On March 13, they rose significantly, indicating that the long side was becoming more aggressive. There was a sharp drop on March 14, followed by a recovery on March 15. The most critical point is March 16: funding rates drop to nearly zero. This means the long side has lost its strength in the market, creating a situation close to equilibrium. Afterward, it turns positive again, but no strong trend forms. The overall picture shows no overheating; it’s a more balanced market.
Long & Short Liquidations
The ETH price rose to as high as $2,386 last week. However, $242 million in long positions and $440 million in short positions were liquidated.
| Date | Long Amount (Million $) | Short Amount (Million $) |
|---|---|---|
| March 11 | 21.82 | 31.00 |
| March 12 | 23.92 | 29.38 |
| March 13 | 100.24 | 109.42 |
| March 14 | 9.16 | 5.36 |
| March 15 | 12.45 | 59.53 |
| March 16 | 34.81 | 166.49 |
| March 17 | 40.55 | 39.15 |
| Total | 242.95 | 440.33 |
ETH On-Chain Total
| Metric | Positive 📈 | Negative 📉 | Neutral ➖ |
|---|---|---|---|
| Active Addresses | ✓ | ||
| Total Staked Value | ✓ | ||
| Derivatives | ✓ | ||
| Staking Inflows | ✓ |
*The metrics and guidance provided in the table do not alone explain or imply any expectation regarding future price changes in any asset. Digital asset prices can fluctuate based on numerous variables. The on-chain analysis and related guidance are intended to assist investors in their decision-making process; however, basing financial investments solely on 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 on market conditions. Investors reviewing the report should take these warnings into consideration.
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 personalized basis, taking into account the risk and return preferences of individuals. The comments and recommendations contained in 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 on the information contained in this document may not result in outcomes that align with your expectations.
NOTE: All data used in Ethereum on-chain analysis is based on CryptoQuant.
