Analysts at Cryptoquant.com say Ethereum is riding “double momentum.”
Cryptoquant Report Note the drop in sales pressure while Ethereum’s Onchain uses peaks
A recent analysis cites fund holdings along with a wallet cohort that has nearly doubled since April 2025 to earn around 6.5 million to 6.7 million ETHs and currently holds 10,000 to 100,000 ETHs, currently over 20 million ETHs. The company’s researchers point out that large allocators are increasingly treating Ethereum as a strategic asset, but warn that much of the capital has already been deployed.
A report by Cryptoquant said that Ethereum’s total has approached ETH of 36.2 million since May, reflecting long-term participation that reduces liquid supply. Market strategists also note that locking more ETH can slow incremental inflows as price momentum cools.
On-chain activity shows that total transactions and active addresses reach an all-time high, with smart contract calls exceeding 12 million daily, indicating that the role of network settlement is expanding across distributed finance (Defi), Stablecoin transfers and token interactions.
Researchers say that pace supports assessments, but if growth stalls, it could precede higher volatility. Exchange inflows have been declining since prices fell from around $5,000 in mid-August, down to around 750,000 ETH per day, according to data from the report.
The report further interprets low sediment into centralized venues as lighter, recent sales pressures, warning that thin inflows could also be consistent along low fluidity. Researchers frame the next hurdle to around $5,200 with a realised upper band. This served as a resistance in previous cycles.
ETH is close to $4,400 and considers integration to be integrated unless the price is crucially destroyed on top of the band.
