Ethereum activity on the rise as on-chain metrics print fresh highs

A trio of on-chain metrics point to confidence in Ethereum’s underlying asset as institutions mull greater exposure to the asset class

article-image

NicoElNino/Shutterstock, modified by Blockworks

share

The total value of staked ether (ETH) continues apace, reflecting positive signs of growth and stability for the world’s second-largest digital asset. 

Following Ethereum’s critical PoS upgrade in April, the amount of ETH that has been deposited to the ETH 2.0 contract now stands above 25.6 million, per Glassnode data.

That figure, worth some $48 billion, represents a rough 70% increase since the new year began, from around 15 million ETH ($28 billion) to current levels. Total staked ETH has effectively doubled when viewed over a year-long horizon.

Yield on staked ether is currently around 4.5%, paid in ETH.

At the same time, the total balance of ETH sitting on exchanges fell to its lowest level in five years, dropping from around 22.5 million ETH at the start of 2023 to 15.3 million ETH — a 32% decline.

According to analysis from CryptoQuant, exchange outflows, as seen in the total number of ETH disappearing from exchanges, indicate a decline in sell-side pressure across the spot market.

Participants continue to bank on the value of the Ethereum network, with those holding the underlying becoming more hesitant to relinquish their assets as they anticipate future demand. 

The increase in staking is coupled with gas prices — a measure of transaction activity — that have generally exceeded the rate at which ether becomes deflationary, and the total supply is expected to contract this year by somewhere between -0.1 and -0.3%.

“As scarcity increases and demand grows, assets generally rise in price,” Greg Moritz, co-founder at AltTab Capital told Blockworks via email.

The number of externally controlled accounts, or private keys, holding a non-zero amount of ETH also shot up to record highs on Tuesday, rising just above 100 million for the first time.

While not perfect, the metric analyzing an approximate number of active users on the network further illustrates a rising demand for the asset as institutions mull the implications of wider adoption.

“We’ve seen a very large uptick in interest from institutional capital and when the smart money is getting into an asset class, it’s because they too see the potential for strong growth,” Moritz said.

Macauley Peterson contributed reporting.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Featured.png

Research

Helium stands at a pivotal moment in its evolution as a decentralized wireless network, balancing rapid growth, economic restructuring, and global expansion. With accelerated growth in domestic DAUs and Hotspots supporting its network, Helium is leveraging strategic partnerships and innovative proposals to scale internationally. The recent implementation of HIP 138, “Return to HNT,” has unified its token economy under HNT, simplifying participation and strengthening liquidity, while HIP 139’s phase-out of CBRS refocuses efforts on scalable Wi-Fi offload. Meanwhile, governance shifts under HIP 141 raise questions about centralization as Nova Labs consolidates control over the roadmap.

article-image

In 2011, WikiLeaks faced a financial blockade imposed by the US government. It was Bitcoin’s first major test.

article-image

Kado’s founder Emery Andrew spoke to Blockworks about the acquisition and what’s next for the team

article-image

LayerZero’s Bryan Pellegrino chatted with Blockworks about the firm’s next steps and its 10-year runway

article-image

Colosseum co-founder Matty Taylor is seeing “high-performance [Solana] founders showing a lot of interest in private trading technology”

article-image

Executives weigh the growth potential they see in the public stock and private credit/equities arenas

article-image

Players can stake ME, trade tokens and link wallets to climb the leaderboard