Ethereum (ETH) experienced a brief pullback to nearly $2,800 over the past weekend, driven by rising geopolitical tensions and pressure on risk assets. However, the cryptocurrency quickly recovered, climbing back above $3,000 by Wednesday, demonstrating resilience despite short-term market volatility.
The Ethereum network continues to show strong growth, with the number of non-empty wallets surpassing 175.5 million, according to Santiment. This is the highest wallet count among all cryptocurrencies. In 2026 alone, 5.16 million new wallets were added, indicating steady user participation and adoption even during sideways market movements.
Santiment noted that one of the main drivers behind the network’s growth is the ongoing popularity of staking. As more users lock ETH to earn staking rewards, the amount of ETH held on centralized exchanges steadily declines. This shrinking exchange supply can reduce selling pressure over time and provides a supportive backdrop for Ethereum’s price, even if short-term movements remain modest.
Glassnode analyst Chris Beamish highlighted that Ethereum is trading around a dense cost basis cluster. This indicates that many holders are near their breakeven points. If ETH maintains this zone, it suggests absorption and base-building, while a breakdown could push the price toward weaker support areas, where holders may reduce their exposure.
Corporate involvement in Ethereum is also increasing. BitMine Immersion Technologies, the largest corporate ETH holder, expanded its Ethereum treasury by 40,302 ETH on Monday, worth around $117 million. The company now holds over 4.24 million ETH, accounting for 3.52% of the total circulating supply. BitMine has staked more than 2 million ETH, nearly half of its holdings, turning a significant portion of its treasury into yield-generating assets. This surge in corporate staking has contributed to a longer validator queue, which now stands at 54 days, reflecting the rising demand for staking on the Ethereum blockchain.
Institutional interest in Ethereum has been on the rise more broadly. Bitwise reported that companies purchased over 1 million ETH, valued at approximately $3.5 billion. The number of publicly disclosed firms holding ETH increased by 40%, and collectively, corporate holdings now represent roughly 5% of Ethereum’s circulating supply.
These developments underscore Ethereum’s strong fundamentals, with network growth, staking activity, and corporate adoption all contributing to reduced exchange supply and increasing long-term support for the asset.
