Data from Glassnode and CryptoQuant show daily active addresses climbing steadily since mid-quarter, with transaction counts holding above the 1 million threshold for consecutive weeks. The uptick coincides with a decline in dormant coin movement, suggesting newer participants are driving engagement rather than long-term holders rotating positions.

Leverage across major derivatives venues remains subdued. Open interest on perpetual futures has flattened while funding rates hover near neutral, reducing the risk of cascading liquidations that have amplified past drawdowns. Binance and Bybit order books show thinner short-side stacking compared to previous correction phases.

Exchange reserves continue a gradual downtrend, with net outflows persisting across both spot and derivative platforms. The seven-day moving average of ETH leaving centralized exchanges turned positive last week, a signal often interpreted as accumulation intent. Stablecoin balances on trading venues, meanwhile, have swollen to multi-month highs, indicating dry powder waiting for deployment.

Analysts caution that macro liquidity conditions remain the swing variable. Federal Reserve policy trajectory and broader risk-asset correlation could override onchain strength in the near term. However, the convergence of organic usage growth, low speculative froth, and exchange supply contraction presents a more constructive setup than seen at prior local lows.

• Onchain activity metrics show sustained growth in active addresses and transaction volume