Ethereum’s current market structure shows strong on-chain usage and tightening supply at the same time its spot ETFs are experiencing sustained outflows. This creates a tension between improving fundamentals and short-term selling pressure. Below is a data-driven look at Ethereum’s latest metrics and the emerging storylines around the asset.
Network Usage: Ethereum Activity is Firming
Daily active addresses on Ethereum are approximately 529,000 as of November 17 according to YCharts (https://ycharts.com/indicators/ethereum_daily_active_addresses). Daily active ERC-20 addresses are around 589,000 with multiple days this month exceeding 700,000 as shown in YCharts’ ERC-20 activity series (https://ycharts.com/indicators/ethereum_daily_active_erc_20_addresses).
Daily transactions remain steady in the 1.4 to 1.6 million range through November, with 1.52 million recorded on November 17 (https://ycharts.com/indicators/ethereum_transactions_per_day). Cumulative unique Ethereum addresses have climbed to roughly 351.8 million as of November 16 (https://ycharts.com/indicators/ethereum_cumulative_unique_addresses_sec).
The takeaway is that Ethereum’s L1 remains actively used and is not experiencing the demand collapse often suggested in narratives focused only on price action.
DeFi and TVL: Ethereum Still Anchors the Largest Capital Base
A September analysis from CoinDesk showed DeFi TVL recovering to around 170 billion dollars, with Ethereum capturing roughly 59 percent of that value, implying over 100 billion dollars of liquidity on the base chain (https://www.coindesk.com). The Defiant reported that Ethereum’s DeFi TVL reached approximately 97 billion dollars in 2025, the highest level since November 2021 and close to its 105 billion dollar peak (https://thedefiant.io).
More recently, BlockchainReporter noted a 22 billion dollar weekly decline in DeFi TVL in November as risk-off behavior accelerated (https://blockchainreporter.net). According to DeFiLlama’s Ethereum dashboard (https://defillama.com/chain/ethereum), the chain currently shows stablecoin market cap near 165 billion dollars, 24-hour DEX volume near 3.1 billion dollars, and 7-day volumes of around 17.8 billion dollars.
Perpetuals trading remains strong with 7-day volumes near 19.9 billion dollars, up roughly 8 percent week over week. This indicates that while spot trading softened, derivatives activity is still healthy.
Layer 2 Migration: Usage Is Shifting Up the Stack
Coindesk describes Ethereum’s state as a paradox: ETH trades near high valuations at times while L1 DeFi activity appears muted, but only because activity has migrated to Layer 2 networks such as Arbitrum, Base, Optimism, and Starknet (https://www.coindesk.com).
Dune Analytics dashboards (https://dune.com) show that L2 networks routinely process significantly more transactions than mainnet. CryptoSlate’s analysis noted that L2 sequencers like Base and Arbitrum are now consistently profitable after paying L1 data availability fees (https://cryptoslate.com).
A broader L2 adoption report summarized by Crowdfund Insider highlights that L2s are now essential scaling infrastructure rather than experiments (https://www.crowdfundinsider.com). This shift means L1 metrics understate real usage, and Ethereum’s economic model is progressing as intended following EIP-4844: more activity on L2, lower fees per user, but continued value accrual to Ethereum for security and settlement.
Staking and Supply: A Large Share of ETH Is Illiquid
Bitget’s November 10 staking report shows around 35.7 million ETH staked, equal to roughly 29.6 percent of total supply, with typical staking yields near 3 to 4 percent (https://www.bitget.com).
The Cryptonomist reports that Ethereum deposits have grown 28 percent year to date in 2025, pushing staked supply above 36 million ETH and near record highs (https://en.cryptonomist.ch). The Block’s staking dashboard also places the staked percentage of supply near 30 percent (https://www.theblock.co).
CryptoQuant data summarized by CryptoPotato indicates that US Ethereum ETFs hold approximately 6.7 million ETH, roughly double early-year holdings, and that large holders with 10,000 to 100,000 ETH control over 20 million ETH (https://cryptopotato.com). Combined with staking and ETF custody, this suggests a large portion of ETH is effectively off the market and cannot be quickly sold.
ETF Flows: Structural Adoption Versus Short Term Pressure
CoinW’s weekly ETF report shows cumulative US Ethereum ETF inflows near 13.1 billion dollars, but the same report highlights a weekly outflow of 728 million dollars (https://www.coinw.com).
FXStreet, citing Farside data, confirms that from November 10 to 14 Ethereum ETFs recorded zero inflows and 728.3 million dollars in outflows, with BlackRock’s ETHA alone losing roughly 421 million dollars (https://www.fxstreet.com).
A single-day report from Bitget shows outflows of 177.9 million dollars on November 14 (https://www.bitget.com).
PA News later confirmed 183 million dollars in outflows on November 17, marking the fifth consecutive day of withdrawals and placing total ETF assets near 18.8 billion dollars with cumulative net inflow still close to 12.95 billion dollars, or around 5.2 percent of ETH market cap (https://www.panews.com).
AInvest’s Q3 review highlights that Ethereum ETF inflows reached 9.6 billion dollars in Q3, outpacing Bitcoin at times before the reversal in November (https://ainvest.com). These outflows explain the recent price softness despite strong on-chain fundamentals.
Bottom Line
Ethereum’s fundamentals look healthy. Usage is steady, L2 adoption is accelerating, and a meaningful share of supply is locked in staking and ETFs. ETF outflows are the primary driver of recent price pressure, and the key question heading into 2026 is how long those flows can outweigh steadily improving on-chain fundamentals.
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Disclaimer
The information provided in this article is for informational and educational purposes only and should not be construed as financial, investment, or trading advice. Onchain News does not provide recommendations to buy, sell, or hold any asset, and nothing here should be taken as a guarantee of future performance. Always conduct your own research and consult a qualified financial professional before making any investment decisions. Cryptocurrency markets are volatile and you are responsible for your own risk.
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