Ethereum Hits Record Active Addresses Amid Mixed Signals

Ethereum (ETH) Sees Record Active Addresses Amid Mixed Whale Activity and Slowing ETF Inflows

Ethereum’s Active Addresses Hit New High as Market Faces Mixed Signals

Ethereum (ETH), the leading smart contract platform and the largest altcoin by market capitalization, experienced a notable surge in network activity recently. Weekly active addresses reached an all-time high of 17.4 million, marking a significant milestone for the blockchain’s engagement levels. This spike comes despite a slowdown in cross-chain activity, indicating growing interest from both retail and institutional investors alike.

Record Network Activity Highlights Growing Ethereum Engagement

Ethereum’s rising active address count signals an uptick in real user participation across decentralized applications (dApps), decentralized finance (DeFi), and NFT platforms. This surge in on-chain engagement suggests a robust user base that continues to expand despite volatility in ETH’s price.

17.4 million weekly active addresses is a new record for Ethereum, reflecting heightened activity across wallets.
This increase points to both retail and institutional interest, as more participants interact with the network, execute transactions, and deploy smart contracts.

The rise in network activity contrasts with a noted decline in cross-chain transaction volumes, which have cooled down following earlier hype around multi-chain interoperability. Yet, this has not deterred engagement on Ethereum’s own chain, which remains the dominant platform for decentralized applications.

Ethereum Spot ETF Netflows Show Mixed Momentum

Despite Ethereum’s network activity growing, its price performance and inflows into Ethereum Spot Exchange-Traded Funds (ETFs) have been somewhat disconnected.

Over the past six weeks, Ethereum Spot ETFs recorded generally positive net inflows, reflecting growing investor interest in gaining ETH exposure through regulated financial products.
However, these inflows did not prevent ETH’s price from sliding from approximately $2,667 to $2,414 earlier in June, showcasing underlying market volatility.

Recent data from Coinglass points to a slowdown in Spot ETF inflows since June 5th, marking the first signs of weakening demand from ETF investors. Although this slowdown spans only a few trading days, a continued trend over Monday and Tuesday could signal waning investor enthusiasm or a shift toward more cautious positioning.

Ethereum Whale Activity Shows Mixed Signals

A critical metric for gauging Ethereum’s market health is whale behavior, particularly holders owning between 1,000 and 10,000 ETH.

The number of whale addresses trended upward steadily from November 2024 to April 2025, peaking sharply between March 31 and April 13, when counts rose from 4,808 to 4,954.
Since mid-April, however, the whale count has experienced a gradual decline and entered a period of stasis over the past two months.

This pause in whale accumulation coincided with a swift Ethereum price recovery. ETH bottomed at roughly $1,537 on April 22, then surged to $2,738 by May 13. The lack of increased whale buying during this rally is somewhat concerning but not unprecedented.

A comparison with the prior year shows that from April to June 2024, whale counts declined by 20%, yet the price continued to rally until mid-May, suggesting some distribution occurred during that period.
Recent whale trends do not indicate significant distribution, which is a positive signal suggesting whales haven’t yet sold off substantial holdings during the recent price rise.

Whale Order Data Indicates Potential ETH Price Range Formation

Ethereum (ETH) Soars with Record Active Addresses: ETF Inflows Fuel Resurgence

Short-term Ethereum price dynamics can also be inferred from whale orders, which reflect the large buy and sell walls placed by whales.

Data from Coinglass reveals a potential range-bound market for Ethereum, with whale orders clustering around specific price levels:

Sell orders predominantly appear near local highs around $2,700 to $2,800, creating resistance that caps upward momentum.
Buy orders are concentrated near local lows of $2,460 and $2,370, providing support levels and cushioning against downside risk.

This pattern indicates that ETH may be consolidating within a trading range as whales balance buying and selling pressures, waiting for a clearer market direction.

Bitcoin’s Recovery Could Bolster Ethereum Bulls

Adding to the market’s mixed signals, the recent strong recovery in Bitcoin (BTC) over the weekend and Monday has injected renewed bullish sentiment across the broader cryptocurrency space.

Bitcoin’s rally often acts as a catalyst for altcoins, including Ethereum, as investor confidence returns.
The upward momentum in BTC may encourage ETH bulls to push for a breakout above current resistance levels.

If Bitcoin sustains its rally, Ethereum could follow suit, breaking out of the consolidation range and resuming an uptrend. However, traders should remain cautious given the slowing ETF inflows and whale distribution patterns.

Key Takeaways for Ethereum Investors and Traders

Record Network Engagement: Ethereum’s all-time high active addresses highlight continued growth in on-chain participation despite price volatility.
ETF Inflows Cooling: After six weeks of positive net inflows, Spot ETF demand has shown signs of slowing, signaling potential investor caution.
Whale Behavior Mixed: Whale counts have plateaued after rising, with no clear distribution yet, suggesting steadier long-term holders.
Price Range Forming: Whale sell walls near $2,700-$2,800 and buy orders near $2,370-$2,460 indicate Ethereum may consolidate before the next directional move.
BTC Recovery Could Help: Bitcoin’s strong recent rally may lend momentum to Ethereum bulls, potentially driving price above resistance.

What to Watch Next

Monitor ETF Inflows: Sustained slowdown or reversal of Ethereum Spot ETF inflows could weaken near-term price support.
Watch Whale Addresses: Any renewed accumulation or significant distribution by whale holders will provide clues to market sentiment.
Price Breakouts: Ethereum’s ability to break above the $2,800 resistance or fall below $2,370 support will determine its immediate trend.
Bitcoin’s Momentum: Continued strength or weakness in Bitcoin will heavily influence Ethereum’s price trajectory.

Conclusion

Ethereum’s ecosystem is thriving with unprecedented user activity, yet its price and investor flows paint a nuanced picture. The recent spike in active addresses underscores growing engagement, while whale and ETF data highlight a cautious but stable market environment.

Investors should keep an eye on key technical levels and broader market conditions, especially Bitcoin’s performance, to navigate Ethereum’s next phase effectively.