Ethereum On-Chain Activity Explodes While ETH Holds Near $1,600

Ethereum (ETH) network activity has surged to record highs, with daily active addresses topping 1.3 million, even as ETH hovers near $1,600 amid persistent selling.

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Ethereum Network Activity Sets Fresh Records

Research from Leon Waidmann, head of research at Lisk, reported that on-chain engagement across the network has climbed to fresh all-time highs. The activity spans decentralized finance, tokenization, stablecoin transfers and routine payments tied to users, developers and institutions alike. Demand keeps building even while the price grinds sideways near its lowest levels in months.

Daily active addresses now push past 1 million and have peaked above 1.3 million during the 2025 to 2026 cycle, a fresh record that tops every previous bull market. The chain cleared 720,000 in 2018 and 800,000 at the 2021 high, so it now handles more real traffic than it did at the last cycle's top.

Exchange balances tell the same accumulation story. The amount of ETH on exchanges fell to roughly 14.5 million this week, the lowest tally on record and down from about 21 million in October 2023. More than 6 million coins have drained off platforms over the past two and a half years, the opposite of the inflows that usually appear when markets turn rough.

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Analysts Split On ETH's Next Move

For Waidmann, the steady outflows point to conviction rather than outright panic among long-term holders. "Whoever is buying here isn't selling back," he said, framing the exchange drain as patient accumulation by buyers betting on an eventual recovery.

Market analyst Ali Martinez flagged the Delta Price metric from Alphractal, which has marked Ethereum's last two major market bottoms. The gauge reflects the gap between investor cost basis and miner production cost, and it currently sits near $700. Its read has drawn debate since the network scrapped mining altogether in its 2022 switch to proof of stake.

The split underscores a widening gap between Ethereum's fundamentals and its price chart. Bulls read record usage and shrinking exchange supply as a durable base, while bears warn that a clean break under $1,600 could expose the $1,500 level next, analysts say.

The cautious calls land during a rough stretch for the token. ETH has slid about 14% from its June high near $1,890 and now trades close to $1,600, with a market value near $195 billion and a 24-hour range between $1,610 and $1,680.

The slide leaves it roughly 66% under its 2026 peak around $4,800, capping months of fading momentum for the second-largest crypto.

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