It seems like Ethereum is building some serious momentum these days, though maybe not the kind that makes headlines every single hour. A new report from the analysts at CryptoQuant suggests something interesting is happening—a sort of dual-track movement where big money is piling in, and at the same time, actual usage on the blockchain itself is hitting record levels.
Institutional Holdings Are Growing, But Maybe Slowing
According to the data, institutional funds have nearly doubled their Ethereum holdings since April. We’re talking about something in the range of 6.5 to 6.7 million ETH. And it’s not just funds—wallets holding between 10,000 and 100,000 ETH now contain over 20 million ETH combined. That’s a lot. It looks like bigger players are starting to treat Ethereum as more of a long-term play rather than just a trade.
But here’s the thing: the report also hints that a lot of this capital might already be in place. Which could mean fewer huge purchases moving forward, at least in the short term.
Staking Is Up, Which Could Be a Double-Edged Sword
Another big takeaway—more people are staking their ETH than ever before. The total amount staked is now around 36.2 million ETH. That’s a record. When people stake, they’re basically locking up their coins, which means there’s less supply floating around available to sell. That can help support the price.
On the other hand, the analysts point out that if prices start to cool off, this trend might actually slow down new money coming in. It’s not all straightforward.
On-Chain Activity Is Breaking Records
Where things get really compelling is on-chain activity. The number of daily transactions and active addresses are at all-time highs. Smart contract calls—those little bits of code that make DeFi, stablecoins, and NFTs work—have topped 12 million per day. That’s never happened before.
It tells us people aren’t just holding Ethereum; they’re using it. A lot. For real things.
What Comes Next?
All this activity probably helps justify current prices, or so the thinking goes. But the analysts also warn that growth like this can sometimes lead to higher volatility if it plateaus.
There’s another interesting signal: the amount of ETH being sent to exchanges has dropped significantly since prices were near $5,000. It’s down to around 750,000 ETH per day from almost 1.8 million back in mid-August. Fewer deposits might mean less selling pressure—which is good—but it could also mean lower market liquidity. Not so good.
Right now, Ethereum is sitting around $4,400. The next big test, according to the report, is around $5,200. That level has been tough to break in the past. If it can push through decisively, we might be looking at a new phase. If not, things could just churn for a while.
Either way, it feels like Ethereum isn’t just drifting. Something’s happening underneath.
