Ethereum has achieved a significant milestone as the number of active wallets surpassed 175.5 million, reflecting a growing engagement within the network. This surge in wallet creation coincides with a notable reduction in the supply of ETH held on exchanges, driven by increasing participation in staking.
Recent data from Santiment highlights that 5.16 million new wallets were established in 2026 alone, underscoring a trend of consistent user involvement even during periods of market stagnation. As traders seek to stake their assets, the amount of ETH available on centralized exchanges has steadily declined, potentially alleviating selling pressure and supporting future price stability.
Furthermore, BitMine Immersion Technologies, recognized as the largest corporate holder of ETH, recently expanded its treasury by acquiring 40,302 ETH for approximately $117 million. This acquisition boosts their total holdings to over 4.24 million ETH, which represents about 3.52% of the circulating supply. Notably, BitMine has staked over 2 million ETH, effectively converting a substantial portion of its treasury into income-generating assets while contributing to the growing pressure on the Ethereum network.
The recent spike in corporate interest is significant; companies have collectively acquired over 1 million ETH in 2026, valued at around $3.5 billion. The number of publicly disclosed firms holding ETH has increased by 40%, indicating a normalization of Ethereum as a standard asset within corporate balance sheets.
According to analyst Chris Beamish from Glassnode, the current trading environment for ETH is characterized by a dense cost basis cluster, where many holders are positioned near their breakeven points. This situation creates a decision-making zone for investors: buyers are likely to defend their positions, while sellers may attempt to exit without incurring losses.
As the waiting period for new validators has expanded to 54 days, the high demand for staking reflects the popularity of this mechanism amid the broader adoption of Ethereum“s proof-of-stake consensus. The growing backlog in the validator queue indicates a robust interest in participating in network security.
The overall reduction in ETH held on exchanges signals a broader trend of holders moving their assets into self-custody solutions and staking contracts. This behavior has historically preceded periods of reduced volatility and increased accumulation. The corporate treasury strategies employed by companies like BitMine, which focus on staking to generate yields, contrast with those of other firms that merely hold the assets without leveraging them.
In summary, the growth in Ethereum”s active wallets and the decline in exchange-held supply highlight a fundamental shift in the market dynamics surrounding ETH. This evolving landscape, marked by institutional interest and a commitment to staking, could significantly shape the future trajectory of the Ethereum network.
