Ethereum ($ETH) Rising geopolitical tensions weighed on risk assets, which fell to nearly $2,800 over the weekend. However, the pullback was followed by a gradual rebound, and by Wednesday, the cryptocurrency had climbed above $3,000.
Despite this volatility, the network continues to grow, the number of wallets is at record levels, and the supply held by exchanges is decreasing.
exchange $ETH supply shrinkage
Ethereum has over 175.5 million non-empty wallets, the most of all cryptocurrencies, according to Santiment’s latest findings. In fact, 5.16 million wallets were recorded in 2026 alone. This data shows that user participation remains stable even in flat market conditions.
The analytics firm added that continued interest in staking is contributing to the steady decline in investment volumes. $ETH It will be held on a centralized exchange. Such trends could reduce selling pressure and support prices in the long term, even if short-term movements remain sluggish.
Against this backdrop, the network’s fundamentals suggest strong fundamental support. Glassnode analyst Chris Beamish observed that Ethereum is currently trading around dense cost-based clusters. This means that many holders are nearing break-even levels. He explained that while maintaining this zone would indicate absorption and foundation building, collapse could push forward. $ETH in areas of weak support where the holder may want to reduce exposure.
largest companies $ETH Holder to stake millions
In terms of corporate finance, BitMine Immersion Technologies happens to be the largest corporate holder. $ETHexpanded the Ethereum vault by 40,302 $ETH Monday, worth about $117 million. The total number of shares held is currently over 4.24 million shares. $ETHaccounting for 3.52% of the total. $ETH In circulation.
The company also announced that it has invested more than $2 million. $ETHaccounting for almost half of Ethereum holdings and turning a significant portion of the treasury into a profitable asset. The fast pace of BitMine staking is increasing pressure on the Ethereum network, with the waiting period to become a new validator increasing to 54 days as staking on the blockchain grows in popularity.
Corporate interest in Ethereum is generally on the rise. Bitwise observed that businesses purchased over 1 million $ETHits value is approximately $3.5 billion. Number of public companies holding stock $ETH has increased by 40%, and together these corporate holdings now account for approximately 5% of all Ethereum in circulation.
