#Ethereum network becoming active again? #Ethereum is currently in a structural reaccumulation phase, where intrinsic value continues to be strengthened through network growth and a shrinking circulating supply. -------------------------------------- Exchange Reserve – All Exchanges from #HCCVenture provides the most accurate and visual picture of this movement, with the red line representing the total amount of #Ethereum held on exchanges ( Exchange Reserve ) and the #Ethereum price line (black) directly compared from the beginning of 2024 to March 2026. The Exchange Reserve index has now fallen to a record low of 14.8 million $ETH , significantly lower than any previous low, confirming that the supply on spot exchanges has shrunk sharply, eliminating potential selling pressure and creating a solid foundation for real spot demand to drive the market. Quantitatively speaking: -) Peak Exchange Reserve: ~21.2 million $ETH (Q1/2025) -) Current value: ~14.8 million $ETH (Q1/2026) -) Absolute decrease: ~6.4 million $ETH -) Reduction rate: ~30% In early 2024 , the amount of $ETH on exchanges remained high, around 20.5–21 million $ETH , while the price of $ETH fluctuated in the $1,600–$2,500 range . This was a period of market accumulation, with a relatively large supply available for trading. From mid -2024 to early 2025 , Exchange Reserves continued to maintain a sideways trend and even slightly increased, peaking at approximately 21.2 million $ETH . However, it is noteworthy that during this same period, the price of $ETH surged to the $4,000–$5,000 range , indicating strong market demand absorption of the available supply on exchanges. -------------------------------------- The sustained and continuous increase in Total Value Staken not only reflects investors' increasingly strong long-term confidence in the Proof-of-Stake mechanism but also directly narrows the circulating supply, creating the most solid on-chain foundation for the current price recovery. As of now (Q1/2026), the total amount of $ETH staked has reached approximately 38.7 million $ETH , equivalent to over 31% of the total circulating supply . This is the highest level in Ethereum's entire history, far exceeding the approximately 28 million $ETH at the beginning of 2024. The number of active validators has exceeded 1.2 million , while $ETH staking through liquid staking protocols (especially Lido) accounts for over 30% of the total staking , demonstrating strong participation from both individual and institutional investors. Considering these key milestones: -) Low at the beginning of the cycle (2024): ~28 million $ETH -) Average 2025: ~34–36 million $ETH -) Current level: ~38.7 million $ETH (ATH) Despite temporary fluctuations during sharp price corrections (especially in early 2025), Total Value Staked has maintained a long-term upward trend and has never fallen back below 34 million $ETH – the lowest level in recent times. This confirms that investors not only hold but also actively stake more $ETH through each period of volatility, even when the price dropped from the high of $4,000–$5,000 to $2,000. -------------------------------------- The Number of New Addresses – the number of new addresses created on the network – clearly reflects the dramatic increase in on-chain activity and user adoption, currently at record highs, with recent spikes exceeding 400,000–450,000 addresses/day, reflecting the widespread participation of new users in the Ethereum ecosystem and directly supporting real spot demand during the current recovery phase. Historically, the Number of New Addresses cycle reached extreme peaks in 2021 with spikes exceeding 350,000–400,000 addresses per day during a strong bull market, coinciding with the boom in #DeFi and #NFTs. The bear market phases of 2022–2023 recorded the lowest levels at around 50,000–100,000 addresses per day, reflecting a decline in activity and user confidence. Conversely, the current level, with continuous spikes exceeding 400,000 addresses/day – significantly higher than any historical low and only slightly lower than the 2021 peak – suggests that the Ethereum network is attracting new users on an unprecedented scale since the peak of the previous cycle. -------------------------------------- The current SOPR remains at around 0.8, well within control and significantly higher than historical lows, confirming that on-chain transactions are occurring with orderly realized losses rather than panic selling, thereby directly supporting genuine spot demand and strengthening the foundation for a sustainable recovery. Historically, the SOPR has fallen to an extreme level of 0.6 in mid-2022 – a period of deep bear market and clear capitulation as most supply fell into a state of significant losses. Spikes above 1.15–1.2 also frequently appear during strong bull market phases in 2024–2025, reflecting strong profit-taking by short-term holders on price momentum. Currently, the SOPR at 0.8 is not only significantly higher than the historical low of 0.6 but also noticeably lower than previous extreme profit peaks, indicating that the market is in a controlled de-risking phase: sellers are accepting temporary losses to rebalance their positions but are not creating a widespread liquidation cascade. Compared to the historical low of 0.6 in 2022, the current SOPR has improved by nearly 33%, confirming that the pressure of realized losses has been effectively absorbed and is no longer at the dangerous levels of previous stress periods. #hccventure #ethereum #eth #news #crypto