The Ethereum (CRYPTO: ETH) network has celebrated its tenth birthday, with on-chain analytics platform Santiment highlighting that key metrics reflect rising demand and activity.
What Happened: In a post on July 30 on X, Santiment data shoeds Ethereum's daily active addresses hitting their second-highest level of 2025 on July 27, with 680,670 wallets conducting transactions.
Mean Value to Realized Value (MVRV) data show traders sitting on notable unrealized gains: +38% for annual active wallets, +15% for monthly.
Whale activity surged, with 14,628 transactions over $100,000 — the fourth-highest spike this year.
Wallets holding between 10,000–100,000 ETH accumulated 1.55 million ETH in three weeks, signaling aggressive buying behavior.
Development remains active, too — Ethereum ranks 10th in daily GitHub events, with 157 major updates over the past month.
Narratives around Ethereum have spanned everything from ETF momentum and price predictions to debates about tariff impacts and institutional adoption.
Also Read: Ethereum’s Rally Driven By Fresh Inflows, Not A Rotation Out Of Bitcoin: Report
What's Next: Trader Lucky noted that Ethereum closed July with a 54.83% monthly gain, its best July since inception.
This surge came alongside 19 consecutive days of ETF inflows, pointing to increasing institutional conviction.
With that backdrop, Lucky predicts a potentially explosive Q3 rally.
Michael van de Poppe sees a short-term top near $4,000, as volatility dries up. He anticipates a brief correction to follow, but expects broader altcoin markets to enter a strong 12–24 month bull phase.
Glassnode data observes a surprising twist: despite ETH approaching its March 2024 highs, unrealized profits remain modest.
In March, ETH hit +2σ (standard deviations) on the Relative Unrealized Profit metric at $3,980. Today, it's barely at +1σ, suggesting less euphoria and room to run.
If Ethereum returns to +2σ conditions now, it could imply a price closer to $4,900, hinting that the current rally may still be in its early to mid-stages.
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