Ethereum User Growth and Staking Surge Signal Strong On-Chain Activity

Ethereum's on-chain activity has surged in early 2026, driven by a sharp increase in new user addresses and staking. Recent data from Glassnode shows a significant rise in the "New" cohort of interacting addresses over the past 30 days. This suggests a broadening base of Ethereum adoption and increased usage of the network for payments and decentralized finance according to analysis.

Staking activity on the Ethereum network has set multiple records. ValidatorQueue data shows that nearly 36 million ETH is staked, accounting for 29.6% of the total circulating supply. At current prices, this represents over $119 billion in locked value. The staking queue has also reached a high of 2.5 million ETH, the highest level since August 2023.

The Ethereum staking landscape has seen a notable shift in the past month. Institutional investors and publicly listed digital asset treasuries have played a key role. Tom Lee's Bitmine staked an additional 186,500 ETH, increasing its total stake to 1.53 million ETH. SharpLink (SBET), the first publicly listed company to use Ethereum as its primary treasury, has earned over $32 million in staking rewards since June 2025.

What Drives Ethereum's Recent Activity?

The rise in Ethereum activity is closely tied to the network's design improvements. A shift toward layer-2 networks has helped reduce fees while maintaining mainnet security. This has made Ethereum more accessible for everyday use and attracted a broader user base. Glassnode attributed this shift to Ethereum's execution layer being offloaded to layer-2 solutions while settlement remains on the mainnet.

Stablecoin activity on Ethereum has also reached record levels while fees have fallen to multi-year lows. This has encouraged more frequent use of the network, especially for decentralized finance transactions and cross-border payments according to market analysis.

What Do Market Dynamics Reveal About Ethereum's Performance?

Market participants are closely monitoring Ethereum's on-chain metrics. The estimated leverage ratio has dropped from 0.79 at the beginning of 2026 to 0.66, indicating a more spot-driven market. Open interest in Ethereum derivatives has also fallen, despite price appreciation according to data.

ETF inflows are playing a significant role in Ethereum's price action. BlackRock's US Ethereum ETF reported a daily inflow of $149.2 million on January 16, 2026. This is one of the highest daily inflows in recent months, signaling strong institutional demand. Grayscale's ETHE also reported a $3.9 million inflow on January 13, 2026 according to reports and another report.

Ethereum's price has recently touched a two-month high near $3,400 before retreating to around $3,300. Analysts are watching whether the recent on-chain activity will translate into sustained price gains. The price is currently consolidating between $3,300 and $3,500, with the 20-day EMA acting as a key support level according to analysis.

What Are Analysts Watching Next?

Analysts are focused on Ethereum's ability to maintain its current momentum. A key focus is the 200-day EMA, which has historically acted as a price rejection level. If Ethereum fails to break above this level, it may face a pullback toward $2,890. However, if it clears the 200-day EMA, the next target is $3,470 according to forecasts.

Layer 2 usage and institutional adoption are also critical factors. The expansion of layer-2 solutions like Arbitrum and Optimism is expected to increase transaction throughput while maintaining mainnet security. This could support further adoption and usage, especially in the DeFi and stablecoin sectors according to analysis.

The broader market is also watching Ethereum's ability to outperform Bitcoin and other altcoins. With over $36 billion in staked value and growing institutional demand, Ethereum is positioning itself as a dominant force in the crypto market. However, risks remain, including macroeconomic headwinds and regulatory uncertainty according to market commentary.

Ethereum's on-chain activity and staking dynamics are reshaping the market in 2026. With institutional adoption, reduced leverage, and growing user adoption, the network is entering a new phase of growth. Investors and analysts are closely monitoring key price levels, staking activity, and ETF flows for further clues about Ethereum's future direction.