Santiment described these addresses as “the main price indicator of 2025.” The network also gained 190,000 new wallets in a single day. This growth reflected a rapid expansion in on-chain activity. It also showed that Ethereum still maintains one of the strongest demand flows across the ecosystem. The data boosted expectations for short-term volatility. It further highlighted how investor behavior shifted after the upgrade.

Fusaka Upgrade Opens a New Phase for the Ethereum Ecosystem

The Fusaka upgrade improved performance and reduced rollup costs. It created a smoother connection between Layer-1 and Layer-2 infrastructure. Developer Terence Tsao confirmed the upgrade progressed without issues. He also said L2 chains continued to send blobs without interruption. His comments strengthened market expectations. They also highlighted developer confidence in the network.

“Fusaka went well and L2s kept sending blobs without disruption. Thanks to all teams, L1 and L2 now operate like a single machine.”

Fusaka is viewed as a milestone in Ethereum’s rollup-centric roadmap. The update expanded blob capacity and made transactions cheaper. It also strengthened user experience across decentralized applications. Bankless founder Ryan Sean Adams summarized the current momentum with strong remarks. He said developer motivation reached levels unseen since the Merge. This sentiment supported long-term optimism.

Meanwhile, daily gas usage exceeded 200 billion units on 3 December. It reached an all-time high on the same day Fusaka activated. This record revealed rising network activity. It also reflected strong demand for on-chain services.

Institutional Demand Builds as ETH/BTC Ratio Nears a Key Level

Market analysts pointed to new signals supporting Ethereum’s price direction. Ted Pillows noted that the ETH/BTC ratio approached a critical threshold. He added that reclaiming the 50-week exponential moving average could strengthen momentum. This move may also support altcoin markets. Analysts said institutional positioning became more visible. They emphasized that large moves often precede trend acceleration.

Institutional activity increased during the week. Tom Lee continued regular purchases and BitMine executed its third major ETH buy. Arkham Intelligence recorded two new wallets withdrawing 92 million dollars from Kraken and 58 million dollars from BitGo. BitMine now holds roughly 3.73 million ETH. This position reinforced market confidence. It further signaled long-term accumulation behavior among large entities.

Short-term charts showed 3,300 dollars as strong resistance. Meanwhile, support at 2,970 dollars remained intact. Analysts said price moves above this zone maintained a constructive outlook. Pullbacks were viewed as normal corrections. They added that trend strength relied on sustained network growth and institutional inflows.

Key Indicators to Watch in the Coming Sessions

The following metrics will guide Ethereum’s short-term outlook:

• Sustained price action above 3,300 dollars

• The protection of the 2,970-dollar support zone

• Network expansion and institutional inflows

• ETH/BTC ratio movements shaping broader market sentiment

• On-chain activity responding to the Fusaka upgrade

Ethereum’s rising network usage, strong investor demand and Fusaka-driven technical improvements shaped a positive market picture. These factors supported bullish expectations as the year approached its final weeks. Investors also focused on behavior signals from mid-sized whales. Their actions may continue to influence the broader market trend.,

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BTC is only 6% away from its all-time high of $111,700. Despite this surge, the network shows remarkable calmness, with a noticeable drop in transaction counts. 

Bitcoin’s daily transactions, which reached 734,000 in 2023 and 2024, have decreased to between 320,000 and 500,000 daily since early 2025. The main reason for this decline is the reduction in non-monetary transactions related to Taproot and OP_RETURN. Monetary transactions have remained stable, with value transfers steady, while data-carrying transactions have nearly ceased. 

Big Investors Gain More Influence 

Despite the drop in transaction counts, transaction volumes remain high. Daily average transaction volume is around $7.5 billion, with the average value per transaction reaching $36,200. This indicates fewer but larger transactions on the network. 

Supporting this trend, transactions over $100,000 now account for 89% of the network volume, while those between $0-$100,000 have fallen to 11%. These figures clearly show large investors dominating on-chain activities. 

Explosion of Off-Chain Market Volumes 

Spot and derivatives markets play a critical role in BTC’s current dynamics. Centralized exchanges see an average daily spot volume of $10 billion. Futures trading volume reached $57 billion daily last year and hit a record $122 billion at peak. 

Options markets have also grown, with daily average volumes reaching $2.4 billion and some days hitting $5 billion. All these figures reveal off-chain market activity is 7 to 16 times larger than on-chain volume. 

Leverage Increases, Risk Rises 

Leverage levels in derivatives markets are rising. Total open interest stands at around $96.2 billion. Especially since the approval of spot Bitcoin ETFs in early 2024, leverage has increased further, bringing higher risk of sudden price swings. Open interest in futures surged from $7.7 billion to $52.8 billion, while options rose from $3.2 billion to $43.4 billion, pushing total derivatives open interest to $114 billion. This shows clear growth and rising investor interest in derivatives. 

Meanwhile, miners’ income from transaction fees has dropped significantly, averaging only $558,000 daily in the last month. This decline indicates a notable decrease in block space demand, mirroring the general drop in transaction counts. 

One notable development is the preference for stablecoin-collateralized positions over crypto-collateralized ones, signaling more cautious and sustainable risk management by investors. 

The post Bitcoin and Crypto Report 2025: Critical Analysis from Glassnode! appeared first on Coin Engineer.

Key AI DApps such as Data Intelligence Network (DIN) and Alaya AI led this growth. DIN, a modular data pre-processing platform launched in April 2024, reached 1 million daily UAWs, while Alaya, a data collection and labeling platform, maintained stable activity at around 100,000 wallets.

However, the decentralized finance (DeFi) sector saw a decline, with the total value locked (TVL) dropping from $168 billion to $160 billion. Ethereum’s TVL also fell by 20% to $95 billion. In contrast, layer-1 blockchains Sui and Aptos emerged as top performers, each achieving a 78% rise in TVL, reaching $1.6 billion and $1.3 billion, respectively.

Might interest you: What is BabyDoge?

The non-fungible token (NFT) industry, meanwhile, experienced a significant downturn, with trading volumes plummeting by 60% to $1.6 billion. NFT sales also dropped 23% to 11.5 million. While OpenSea saw a rebound, leading in sales and trading volume with $570 million, Competitors like Blur and Magic Eden faced sharp declines due to diminishing airdrop incentives and changes in royalty structures. Additionally, the hype around Bitcoin Ordinals, which had fueled activity on Magic Eden, faded significantly.

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