In this note, I will analyze the data from over 10 indicators to structurally see what differences Ethereum had between its historical highs of 2021 and 2025.
First of all, I share with you the general comparative table of the differences so you can have a global perspective. Then I will explain with didactic conclusions what these data mean:
Clarification: In all on-chain charts, the white line is the price of ETH.
• Investment funds
Currently, institutional metrics show a profound change compared to 2021. Holdings of ETH by funds almost doubled (+98%), increasing from 3,213,450 ETH ($13.8 billion) to 6,387,239 ETH ($27.4 billion) and the average volume traded by these entities multiplied x12.83 (+1,183%) from $250 million to $3.2 billion.
Conclusion: This information reflects the evolution of Ethereum, how it ceased to be an asset limited to the crypto ecosystem and became part of the U.S. financial system, being adopted on Wall Street by large investment funds, such as BlackRock. Furthermore, from the end of the year onwards, institutional demand could further increase thanks to the first pro-crypto federal laws driven in the United States and the incorporation of staking (a way to earn annual returns with ETH) as a service on Wall Street.
Green area = amount of ETH purchased by investment funds:
Green area = trading volume (USD) of investment funds:
On this point, I recommend reading the note I wrote about it:
https://fin.guru/es/tecnologia-e-innovacion/digital-commodities-bitcoin-and-ethereum-3epklrs4ao
Topics seen:
A) First pro-crypto federal laws of the U.S.
B) The institutional evolution of Bitcoin and Ethereum.
C) Ethereum and its ecosystem.
D) The Wall Street narrative.
• Deposits in CEXs
ETH reserves in CEXs (like centralized exchanges such as Binance) fell by −38%, and the supply ratio decreased by a similar percentage (−39%).
Conclusion: This reduction marks a significant difference compared to 2021, when the volumes available on the exchanges were greater. The low supply of ETH in CEXs creates a structurally bullish environment long-term.
Purple line = amount of ETH deposited in CEXs:
• Staking and supply
The amount of Ethereum deposited in staking (a way to earn annual returns with it) grew from 8.53M ($36 billion) to 36.15M ETH ($155 billion) in four years, which is +323%, while total supply only increased by 2.78%.
Conclusion: These data position Ethereum as a productive and low-emission asset. The combination of controlled supply and high demand for its staking indicates a favorable and solid scenario for the ecosystem.
Purple line = amount of ETH deposited in staking:
• Derivatives
Open interest (amount of USD committed in the derivatives market) is 3.68 times higher than in 2021 (+268%), confirming a much larger futures market. It increased from $8 billion to $32 billion in 4 years.
The funding rate fell −39%, indicating a more balanced distribution between long and short positions compared to 2021.
In liquidations, there was an increase in long positions (+92%) and a significant rise in short positions (+333%), suggesting episodes of squeezing in both directions, with greater incidence on the downside.
Conclusion: Currently, there is high speculation with very high levels of leverage compared to 2021, which can create a situation conducive to rapid and volatile movements. The large number of recent liquidations demonstrates that the market can react with strong intensity. The accumulated tension could be resolved in abrupt movements in either direction, whether downward or upward. In this context, it is essential to apply strict risk management. Extremely caution is recommended, constant monitoring, and the obligation to use a stop-loss (a sell order that is executed automatically upon reaching a previously defined price) when trading.
Purple line = amount of USD committed in the derivatives market:
• Network Activity
On-chain activity shows moderate variations: active addresses −16% and transactions +12%.
Conclusion: Network usage remains solid and consistent, with no signs of euphoria or severe contraction.
Purple line = amount of transactions made on the ETH blockchain:
• Market Data
Beyond price and market capitalization, which remained without exaggerated differences, at this point I want to emphasize how Ethereum's volatility has been stabilizing more and more since 2021. It went from being a chaotic asset to one with drops and rises, but much more structured.
To show you this evolution, I will use a technical indicator called Anchored VWAP, which is a formula that calculates the average price at which the asset was traded from a specific point you choose (volume-weighted). Having the average price as a reference allows monitoring how the transition from a market dominated by buyers (when the price is above the average price) to one dominated by sellers (when the price is below the average price) develops. It is used to determine historical levels of overselling and overbuying, as well as potential support (price floors) and resistance (price ceilings). It is used to analyze any financial asset on a micro and macro level (stocks, bonds, commodities, crypto, etc.).
In this case, I used multiple Anchored VWAPs on Ethereum to carry out a macro analysis (weekly candle). Throughout the chart, numerous lines marked in red and green can be observed, which correspond to 14 average prices calculated through this indicator (identified to the right of the chart). I used it this way for didactic purposes and to show you how they historically functioned to determine support and resistance levels. For a more tactical micro execution, a clean chart (with fewer A-VWAP lines, you will see at the end of the article) is used.
IT is not a predictive indicator; it only analyzes present and past data; NO technical indicator is futuristic; that DOES NOT exist.
Data: Notice how the overselling and floor levels observed in 2025 due to the trade war were the same overselling and floor levels seen in the bearish market of 2022-2023, only that this time it was of short duration and not long. The price of ETH is shown with Japanese candles (the red and green rectangles):
Finally, I show you how the cleaner chart looks for micro analysis (daily candle). On the side, I indicated which indicators I used. I clarify that I created the image on September 24 for a CryptoQuant post that required English, so you will see it this way. If you want to read it, I leave you the link; it can be translated into Spanish on the same page.
Ethereum: Same liquidation, different context: https://cryptoquant.com/insights/quicktake/68d480643cad2721bc5e3f08-Ethereum-Same-liquidation-different-context
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