Key Points:
- The amount of staked Ethereum has reached a record 37.85 million ETH, accounting for over 30% of the total supply.
- Daily active addresses surged to 1.1 million in February, the highest level since December 2022, with weekly active users increasing by 80% over the past week to 672,170.
- Since mid-2025, funds flowing into accumulation addresses have been on the rise, peaking at 1.14 million ETH in November 2025; the average for 2026 hovers around 200,000 ETH per day, with daily peaks exceeding 350,000 ETH.
- The supply of ETH held on exchanges has dropped to a multi-year low of 3.46 million ETH, tightening liquidity on the order books.
Importance:
From a liquidity perspective, the decline in the amount of ETH held on exchanges further tightens the order books. Lower exchange balances are typically associated with greater price elasticity in the face of buy-sell shocks, as buyers can outbid sellers with fewer available tokens on centralized trading platforms. Chart observers note that the increase in daily active users and the inflow into accumulation addresses aligns with the decline in liquid supply, indicating a broader trend towards holding behavior rather than active trading. This consistency between on-chain activity and supply metrics has historically signaled meaningful price increases, especially when prices test favorable conditions for buyers.
What to Watch Next:
Ethereum's Accumulation Signals and Path Forward
Through on-chain metrics and liquidity trend analysis, Ethereum is presenting an increasingly long-term oriented network. Ethereum (token code: ETH) has been trading under the shadow of macro uncertainty, but fundamental indicators tell a story of tightening supply and rising holder commitment. Since the beginning of this year, the scale of accumulation wallets (addresses that have not liquidated their holdings) has expanded significantly, increasing by about one-third and pushing the total holdings in such wallets to 26.55 million ETH. This growth is not merely symbolic; it reflects a shift in holder behavior, with some analysts equating it to readiness to weather downturns in anticipation of future gains.
The growth in staking further strengthens the case for a long-term constructive argument. The total amount of staked ETH has surpassed 37.85 million, a milestone that accounts for over 30% of the circulating supply. Staked ETH reduces the amount available for immediate trading, which can limit downside risk during testing periods while potentially also constraining upside momentum when demand weakens. This dynamic is subtle: while staking indicates confidence in the protocol's security and long-term value proposition, it also reduces the pool of liquid ETH that can participate in rapid price movements, potentially delaying or tempering recent rallies.
In terms of supply, exchange balances have fallen to a new low in years, with approximately 3.46 million ETH on exchanges. This tightening liquidity backdrop is typically accompanied by spikes in volatility when new catalysts emerge.