Ethereum Reaches Highest Level Since January: What Does the Record Number of Wallets Signal?

While Ethereum climbed to its highest level since January, the number of non-zero wallets also hit a record.

According to Santiment data, the Ethereum price rose above $2,630 on Friday, reaching its highest level seen since January. The price action was accompanied by an increase in transaction activity from large investors and a new record in the total number of wallets on the network.

The number of wallets with a balance on Ethereum rose to 207.17 million. This figure was recorded as the highest level ever reached by addresses holding ETH on the network. However, the data shows the number of wallets; it does not directly represent the number of unique investors.

Santiment’s chart also shows an increase in whale transactions over $100,000. The rise in large investor transactions indicates that high-value trades are occurring more frequently as the ETH price climbs to its highest level since January.

Staking and DeFi usage continue on Ethereum

More than 40 million ETH are currently staked. Staking pools allow users who do not run their own validators to participate in network rewards.

The total value locked in the network’s DeFi ecosystem stands at approximately $50 billion. Stablecoins, lending, decentralized exchanges, and liquid staking applications represent use cases where ETH is held for more than just price expectations.