Ethereum Smashes Adoption Record—Will Price Follow as Holder Count Hits 148M?

Ethereum's network just crossed a staggering milestone: 148 million unique addresses now hold ETH. The question on every trader's mind—will the price finally wake up and chase this adoption surge?

Network growth vs. price action: Ethereum's fundamentals keep flexing while its market cap yawns. Classic crypto—building Rome while traders demand it in a day.

The cynical take: Wall Street still can't decide if this counts as 'adoption' or just 148 million wallets collecting dust. Meanwhile, the blockchain keeps eating the world—one gas fee at a time.

Source: Santiment

ETH staking sets the highest monthly inflows

In addition to the growth in holders, ethereum also recorded its largest monthly Staking Inflow Total to date, according to CryptoQuant. The spike suggested that long-term holders are locking in their positions, confident in ETH’s future performance.

Staking not only reduces the circulating supply, but also instills confidence in network security and stability.

Greater staking participation has the potential to lower sell pressure in the short run, aiding ETH’s price recovery on the charts. 

Source: CryptoQuant

ETF inflows add to positive signals

As mentioned in AMBCrypto’s previous analysis, while U.S-listed Ethereum ETFs attracted $11.26 million in inflows on 5 June (16 straight days of net inflows), Bitcoin ETFs saw $278.44 million in outflows on the same day.

Institutional investors’ appetite for Ethereum ETFs bodes well for more confidence in ETH’s long-term future.

In fact, despite ETH’s 7% drop to around $2,400, indicators like the Seller Exhaustion Constant underlined signs of fading bearish pressure.

Market sentiment is still cautious, but in recovery

That being said, risk hasn’t vanished completely. Long liquidations crossed $256 million recently and Options market demand tilted towards puts – A sign of sustained short-term caution.

Even so, analysts like Income Sharks believe that ETH has shown strength at the $2,300-support level. A return to $3,000 remains on the table if these trends sustain themselves.

Long-term prospects for ETH are better!

Ethereum’s holders’ expansion, growing staking inflows, and continuous ETF inflows all contribute to a bullish long-term narrative.

Short-term risks may undoubtedly prevail, but these figures indicated that ETH might be positioning itself as the most bullish crypto asset in the long term.