Ethereum records 16.4M active addresses and a 36% weekly surge, signaling explosive growth across its multi-chain ecosystem.
Over $2.16B in shorts face liquidation as ETH trades above $3,700, reinforcing bullish momentum and market dominance.
Ethereum outperforms Bitcoin in Q2 2025 with a 50.29% gain, solidifying its role as the market leader in network activity and price action.
Ethereum is surging on all fronts as network activity, liquidation pressures, and market strength converge. The Ethereum ecosystem just recorded over 16.4 million active addresses, a 36.17% weekly jump. At the same time, cross-chain activity grew by 24%, showing real-world usage and expanding adoption. Meanwhile, Ethereum’s Q2 2025 returns outperform Bitcoin, adding to its bullish momentum.
Network Activity Signals Explosive Growth
Ethereum’s on-chain metrics reveal a powerful upward trend. Active addresses jumped from roughly 5 million in early 2024 to over 16 million by May 2025. This threefold rise in just 18 months confirms sustained user engagement.
Source: Merlijn The Trader
Besides, the Ethereum Layer 2 multiplier stands at 6.70x, even after an 18.86% weekly decline. This points to deep user involvement across base and Layer 2 networks. However, multi-chain usage slightly declined, with a 26.33% drop in users operating across multiple chains. This shows users are increasingly focusing on core Ethereum and top Layer 2 chains.
Moreover, the color-coded engagement chart shows rising adoption beyond Ethereum's base layer. Blue segments (Ethereum mainnet) are now accompanied by stronger orange and yellow tones, indicating a healthier multi-chain ecosystem.
Market Dynamics Favor Ethereum Bulls
Ethereum’s performance is also evident on the trading front. Liquidation data shows over $2.16 billion in short positions set to trigger if ETH crosses $3,000. With ETH now hovering around $3,737, most shorts are already under pressure. The biggest short liquidation cluster lies near $2,450, with over 450,000 units at risk. Consequently, Ethereum's continued rise is triggering short squeezes, pushing prices further up.
Source: Gordon
Additionally, Ethereum is outperforming Bitcoin in Q2 2025. ETH posted a 50.29% quarterly gain compared to Bitcoin’s 31.43%. This shift signals a change in market leadership. Ethereum’s long-term trend remains clear. The ETH/BTC ratio continues to climb, reflecting growing investor preference for Ethereum over Bitcoin this quarter.
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