How Does On-Chain Data Analysis Reveal Ethereum's Network Health in 2025?

Ethereum’s active addresses surge to 2.5 million in 2025

In 2025, Ethereum witnessed a remarkable surge in its active addresses, reaching an unprecedented 2.5 million. This significant growth underscores the network’s expanding adoption and increasing user engagement. To put this in perspective, let’s examine the historical data:

This dramatic increase of 340.6% in just two years demonstrates Ethereum’s rapidly growing ecosystem. The surge can be attributed to several factors, including the rise of decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and layer 2 scaling solutions. Institutional interest has also played a crucial role, with companies like BitMine acquiring substantial ETH holdings. By 2025, BitMine alone controlled approximately 3 million ETH, representing nearly 2.5% of the total supply.

The increased network activity has had a positive impact on Ethereum’s price, which stabilized above $4,100 in 2025. This price stability, coupled with the surge in active addresses, indicates a maturing market with sustained user engagement. Furthermore, the total value locked (TVL) in Ethereum’s DeFi ecosystem reached $97 billion, approaching its all-time high of $105 billion set in November 2021. This resurgence in TVL reflects renewed confidence in Ethereum-based financial applications and services.

On-chain transaction volume reaches $500 billion monthly

Ethereum’s on-chain transaction volume has reached a remarkable milestone, surpassing $500 billion per month in April 2025. This achievement marks a significant leap from previous years, as illustrated in the following table:

The surge in transaction volume can be attributed primarily to the increasing adoption of stablecoins on the Ethereum network. In fact, stablecoin transactions alone accounted for $908 billion in April 2025, indicating their growing importance in the cryptocurrency ecosystem. This unprecedented growth demonstrates Ethereum’s dominance as the preferred blockchain for stablecoin usage, despite fierce competition from other networks.

The rise in transaction volume aligns with Ethereum’s overall market performance. As of October 2025, Ethereum’s market capitalization stands at $481.76 billion, with a circulating supply of 120.7 million ETH. This robust financial standing further solidifies Ethereum’s position as a leading blockchain platform for decentralized applications and smart contracts.

The substantial increase in on-chain activity reflects the growing institutional adoption and mainstream acceptance of Ethereum-based financial instruments. As more corporations and tech giants enter the space, Ethereum’s transaction volume is likely to continue its upward trajectory, cementing its role as a cornerstone of the evolving digital economy.

Large holders control 60% of ETH supply, raising centralization concerns

Recent data reveals a concerning trend in Ethereum’s supply distribution, with large holders controlling a significant portion of the total ETH supply. This concentration of wealth raises questions about the network’s decentralization and potential market manipulation risks. According to the latest analysis, the top 10 Ethereum addresses now control approximately 51% of the total supply, a figure that has grown steadily over time. This level of concentration is particularly noteworthy when compared to other major cryptocurrencies:

Among these large holders, Vitalik Buterin, Ethereum’s co-founder, holds 240,000 ETH (valued at $1.03 billion), while Bitmine, an Ethereum Treasury Company, controls 1.17 million ETH (approximately $5 billion). The growing concentration of ETH in the hands of a few entities could potentially impact market dynamics and governance decisions. This centralization trend persists despite Ethereum’s transition to Proof-of-Stake, which was intended to promote wider participation and distribution. As the Ethereum ecosystem continues to evolve, addressing these centralization concerns will be crucial for maintaining the network’s integrity and fulfilling its promise of a decentralized financial system.