Recent data reveals a notable surge of 37% in the active addresses associated with Ethereum [ETH], surpassing the previous highs seen in March 2024. This increase signals heightened network activity in the early months of 2025.
According to analytics provided by IntoTheBlock, the quantity of network addresses reached 670K in the past week, a significant rise from the 400K level recorded back in March 2024.
“Last week, the average number of active Ethereum addresses exceeded 620k, marking the highest figure since March 2024!”
While it is important to note that a single entity could possess numerous addresses, thereby potentially inflating the metric, the consistent growth suggests a substantial adoption of the Ethereum network.
Institutional Players Influencing DeFi Dynamics?
During the same timeframe, Ethereum’s TVL (total value locked) surged from $65 billion to $98 billion, before eventually settling at $84 billion as of the current moment.
For context, TVL is a metric that monitors the total value of assets locked within the DeFi ecosystem.
Within the Ethereum landscape, the lending platform Aave and the liquid staking platform Lido represented the largest share of the network’s TVL, amounting to over $60 billion collectively.
Given these platforms are highly favored by institutional players, it is plausible to consider that significant entities are driving the recent spike in network activity.
Moreover, President Trump’s World Liberty Finance (WLFI) has emerged as a prominent buyer of ETH in recent times. However, the firm faced a substantial unrealized loss of $14.9 million as ETH experienced an 8% dip, dropping to $3,000.
While ETH has been experiencing a bearish trend, it has managed to defend the crucial support level of $3,000. Nevertheless, considering the multiple tests of this support zone, a potential breach to the downside cannot be discounted, particularly if bearish sentiment prevails following the FOMC meeting.
Conversely, a reversal could propel ETH towards the middle range around $3,500 or the resistance region (highlighted in red) situated between $3,600 to $3,700.