
Leon Waidmann | Onchain Insights
@leon-waidmann
Head of Research @onchainhq
🔎 | Get Insights into the most important Onchain Trends | Uncover future-shaping Developments.📈
linktr.ee/LeonWaidmann
Ethereum keeps getting pulled off centralized exchanges!
🔹 Exchange reserves: ~23.6M ETH (early 2023) to ~16.2M ETH now
🔹 That is ~−7.4M ETH, roughly −31% of liquid centralized exchange (CEX) supply
🔹 The latest leg down appears driven by whale accumulation, most likely driven by Bitmine
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Ethereum supply stayed net negative over the last 7 days.
🔹 New ETH issued: 30,000
🔹 ETH bought by spot ETFs: 67,100
🔹 ETH burned via fees: 11,700
🔹 Net supply change: −49,800 ETH
About 2.7x more ETH was removed from circulation than issued.
Demand continues to structurally overpower issuance.
So why is price n...
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Despite the negative sentiment and the FUD around crypto treasury companies, ETH held by ETFs and treasuries is pushing toward new all time highs.
Mainly driven by Bitmine over the last couple of weeks.
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Ethereum Mainnet has never been this cheap to use!
And it has never moved this much money.
🔹 Median transaction fees at all-time lows
🔹 Stablecoin supply and low-risk DeFi liquidity at all-time highs
Impressive work by the developers. 👏
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Bolivia just flipped from banning crypto to integrating Ethereum into its national financial system.
🔹 Banks will be allowed to custody crypto and offer crypto savings
🔹 Loans, payments, and credit products can now run on digital assets
🔹 Stablecoins become part of the formal monetary plumbing
🔹 Ethereum rails lik...
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Ethereum is scaling. Full stop.
Throughput up. Costs down.
🔹 Ethereum can process more and more activity over time
🔹 Yet the cost to use the network keeps falling toward zero
L2s handle the heavy execution. Mainnet settles the valuable transactions.
If these two lines keep moving in opposite directions, Ethereum ...
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Ethereum is now bigger than Visa and Mastercard!
At least when it comes to settling dollar-denominated transactions.
🔹 Nearly 6 trillion USD in stablecoin volume in Q4
🔹 Already surpassing both Visa and Mastercard’s quarterly transaction volumes
🔹 Ethereum has become the primary settlement layer for digital dollar...
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Absurd pricing for Mainnet blockspace. 🤯
I genuinely can’t remember ETH transactions ever being this cheap!
🔹 Swaps at 2 cents
🔹 Bridging at 1 cent
🔹 Borrowing at 2 cents
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ETH is leaving exchanges faster than BTC! $ETH vs. $BTC
Only 8.84% of all Ethereum is still sitting on exchanges. That's almost half of Bitcoin's 14.8%.
🔹 Staking is locking up supply
🔹 DeFi is pulling ETH off CEXs
🔹 Holders are not here to sell
Supply is getting tighter.
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Ethereum is leaving exchanges at the fastest rate in years.
🔹 Spot supply keeps draining, balances are back at multi-year lows
🔹 Exchange reserves just dropped to 16.5M ETH, the lowest since early 2023
Are whales quietly loading up ahead of 2026?
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Ethereum ecosystem activity remains at all-time high levels. $ETH
🔹 Over 322 transactions processed per second
🔹 Layer 2s now handling 94% of all activity
🔹 10-year chart looks like a hockey stick
L1 secures. L2s scale. 📈
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EUR stablecoins tell a clear story about chain dominance.
97% sit on Ethereum + L2s!
Mainnet alone: 75%.
The rest?
🔹 Base — 6%
🔹 Polygon — 5%
🔹 Arbitrum — 4%
🔹 Optimism — 3%
🔹 Other L2s — 4%
Non-ETH chains? 3%. Barely a footnote.
This isn't random. MiCA-compliant issuers chose Ethereum for a reason.
Security....
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Ethereum remains the undisputed king of Real-world Asset Tokenization.
🔹 $18.7B in distributed RWAs onchain
🔹 32 networks tracked, Ethereum still carries the vast majority
🔹 555k+ RWA holders, up ~6% in 30 days
🔹 ~$301B in stablecoins providing the liquidity rails
RWA is marketed as multi-chain, but in practice i...
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$ETH looks structurally mispriced.
Across 12 independent valuation models on ethval.com, composite fair value sits around 4,900 dollars per ETH, roughly 60 percent above spot.
TVL multiple, DCF (staking), validator economics and Metcalfe all cluster well above current price, signaling ETH is still priced like a side ...
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Stablecoin market cap is grinding back towards all-time high levels!
🔹 Now above $306B and grinding toward $310B
🔹 Up ~50% in 2025 (from ~$200B)
🔹 ~10% of total crypto market cap
🔹 USDT + USDC near $260B
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