Weekly Ethereum Onchain Report

Active Addresses

Between January 21 and January 28, a total of 718,278 active addresses were added to the Ethereum network. During this period, the Ethereum price retreated from $2,957 to $2,815. On January 23, in particular, a significant decline was observed in both the number of active addresses and the price point when the price touched the active address. When examining the 7-day simple moving average (SMA), it is seen that the Ethereum price is generally trending downward.

 Active Sending Addresses

Between January 21 and January 28, high levels of active sending activity were observed in active sending addresses along with the Black Line (price line). On the day the price reached its highest level on a weekly basis, active sending addresses reached 747,440.

Active Receiving Addresses

Between January 21 and January 28, while there was no significant increase in active receiving addresses, the price was seen to move upward. On the day the price reached its highest level, active receiving addresses reached 314,151, indicating an increase in sales.

Total Value Staked

On January 21, while the ETH price was trading at $2,979, the Total Value Staked was at 36,463,444. As of January 27, the ETH price rose to $3,023, recording a 1.48% increase, while Total Value Staked rose to 36,661,385, recording a 0.54% increase. The increase in Total Value Staked accompanies the price recovery, indicating that the total amount locked in staking continues to grow and that the tendency to maintain current stake positions persists. This outlook confirms that the effect of tightening the circulating supply continues, signaling that the accumulation of supply in the staking channel persists while the price strengthens in the short term.

Staking Inflows

 On January 21, while the ETH price traded at $2,979, Staking Inflow was at 87,436. As of January 27, while the ETH price rose to $3,023, Staking Inflow declined to 85,928, recording a limited decline of 1.72%. The slight pullback in Staking Inflow indicates that new inflows into staking remained flat this week and that there was no significant acceleration in marginal staking demand. However, while the Total Value Staked continues to increase, the limited weakness on the inflow side suggests that the supportive effect driven by staking has not completely disappeared, but it also does not signal a strong acceleration in the short term.

Derivatives

Open Interest

The ETH price fell from around $3,000 to around $2,800 last week. With the latest drop on January 25, open interest also experienced a sharp decline. Following this date, open interest accompanied the recovery seen in the price, rising to around $17.6 billion. This increase in open interest indicates that market investors’ appetite for risk remains high.

Funding Rate

The chart shows that the ETH funding rate has generally remained in positive territory, but has exhibited a volatile pattern during the period. In particular, the slight pullback in the funding rate around January 25 indicates that short-term long positions were closed. However, the subsequent rise in the funding rate shows that long appetite quickly returned. The overall picture suggests that the price increase found support again on the leverage side, but volatility remains high.

Long & Short Liquidations

With the ETH price falling from around $3,000 to $2,800 and then managing to break back above $3,000, a total of approximately $480 million in long positions were liquidated. During the same time frame, nearly $232 million in short positions were also liquidated.

Supply Distribution

Total Supply: Reached 121,554,983 units, an increase of approximately 0.0193% compared to last week.

New Supply: The amount of ETH produced this week was 23,413.

Velocity: The velocity, which was 9.97 last week, reached 9.99 as of January 27.

The pullback seen in the 10k–100k ETH range indicates that buying appetite remains weak in this segment and the risk-averse trend continues. The decline in the 1k–10k ETH band also signals that mid-sized investors are reducing their positions. In contrast, the limited increase in the 100–1k ETH group shows that small investors remain cautious but continue to hold their positions in the market. The significant decrease in 100k+ ETH wallets reveals that large players are opting for defensive positioning rather than aggressive accumulation.

Exchange Supply Ratio

According to Ethereum Exchange Supply Ratio data, a significant decline in the supply ratio of Ethereum held on exchanges was observed during the period under review. This week, there is a positive correlation between the Ethereum price and the supply ratio on exchanges. The decline in the Exchange Supply Ratio indicates that Ethereum is being withdrawn from exchanges and held in cold wallets, suggesting that there is no intense selling pressure in the short term. Between January 21 and January 28, the Ethereum Exchange Supply Ratio declined from 0.138724 to 0.137826. During the same period, the Ethereum price retreated from $2,979 to the $2,927 range.

The fact that both the Ethereum price and the Exchange Supply Ratio moved downwards in the same direction during this period indicates that risk appetite in the market has weakened and that new Ethereum inflows to exchanges have been limited. The Exchange Supply Ratio maintaining its downward trend shows that the price pullback is due to weak demand and cautious investor sentiment rather than panic selling.

Exchange Reserve

Between January 21 and 27, 2026, Ethereum reserves on exchanges declined from 16,336,312 ETH to 16,292,736 ETH, resulting in a net outflow of 43,577 ETH. During this period, exchange reserves decreased by approximately 0.27%, while the ETH price rose from $2,937 to $3,024, gaining 2.96% in value. The decrease in reserves during this period of upward price movement indicates that investors preferred to withdraw their ETH from exchanges rather than viewing the rise as a selling opportunity. Limited profit-taking may be seen in the short term following the price increase. However, the continued decline in exchange reserves may continue to act as a balancing factor for the price by limiting selling pressure.

 Fees and Revenues

When examining the Ethereum Fees per Transaction (Mean) data between January 21 and 27, it is seen that on January 21, the first day of the week, the indicator reached 0.000075983254234863.

A decline was observed until January 24, when the indicator recorded its lowest value of the week at 0.000041185405755111.

In this context, as a result of the increase in Ethereum price volatility as of January 24, the indicator regained momentum and followed a positive trend due to the impact of price volatility.

On January 27, the last day of the weekly period, the indicator closed the week at 0.000045093229699806.

Ethereum: Fees (Total)

Similarly, when examining the Ethereum Fees (Total) data for January 21-27, it can be seen that on January 21, the first day of the week, the indicator stood at 187.9473147470854.

A decline was observed until January 24, and on that date, the indicator recorded the week’s lowest value at 93.41797289591516.

In this context, as a result of the increase in Ethereum price volatility as of January 24, the indicator regained momentum and followed a positive trend due to the impact of price volatility.

On January 27, the last day of the weekly period, the indicator closed the week at 115.36016071859488. 

Blocks Mined

When examining Ethereum block production data between January 21 and 27, a slight decrease was observed throughout the week. While 7,173 blocks were produced on January 21, this number declined to 7,170 by January 27.

During the period in question, a time-dependent correlation structure was observed between the Ethereum price and the number of blocks produced. However, the general trend reveals that a negative correlation between these two variables is dominant.

Block Size

When examining Ethereum block size data between January 21 and 27, an increase was observed throughout the week. While the average block size was measured at 154,434 bytes on January 21, this value rose to 157,861 bytes as of January 27.

During the relevant period, a time-dependent correlation structure was observed between block size and the Ethereum price. However, the general trend reveals that a positive correlation between these two variables is dominant.

 Block Interval

When examining the Ethereum block time between January 21 and 27, a slight increase was observed throughout the week. While the average block time was recorded as 12.04 seconds on January 21, this time increased to 12.05 seconds as of January 27.

During this period, a time-dependent correlation structure was observed between the Ethereum block time and price movement. However, the general trend indicates that a positive correlation between these two variables is dominant.

Estimated Leverage Ratio

Over the 7-day period, the metric followed a horizontal trend throughout the process, moving within a narrow band. On January 21, the first day of the process, the metric was at 0.668, reaching its lowest point on January 24, falling to 0.666. The metric then began to rise during the remainder of the process and has now reached 0.694, the highest point of the process. A higher ELR means that participants are willing to take on more risk and usually indicates bullish conditions or expectations. The increases may also be due to a decrease in reserves. Looking at Ethereum reserves, there were 16.40 million reserves at the beginning of the process, but this figure declined during the rest of the process and has now fallen to 16.28 million. At the same time, Ethereum’s Open Interest was seen at $38.92 billion at the beginning of the process. As of now, volume has moved within a flat band during the process, and open interest has been valued at $39.80 billion. With all this data, the ELR metric followed a slightly upward trend for most of the process. The asset’s price, along with all this data, moved between $3,050 and $2,790. Ultimately, the flatness in open interest volume throughout the process, coupled with the decline in reserves, indicates that the rise in the ELR metric was artificial. This suggests that investor risk appetite has not fully increased, but pessimism has decreased, albeit slightly.

 ETH Onchain Overall

*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, and 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. It would be beneficial for investors reviewing the report to 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 personal 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.