TL;DR

La participación en Ethereum crece: 175,5 millones de carteras activas y un suministro en exchanges en baja.
El mayor poseedor corporativo, BitMine, compra 40,302 ETH y aumenta su participación en staking.
Las empresas acumularon 1 millón de ETH en 2026, representando ya el 5% del suministro circulante.

Ethereum (ETH) fell to nearly $2,800 over the weekend as rising geopolitical tensions pressured risk assets. The pullback, however, was followed by a modest rebound that lifted the crypto asset back above $3,000 on Wednesday.

Despite volatility, the network continues growing, with record wallet numbers and reduced exchange supply.

Ethereum’s number of non-empty wallets surpassed 175.5 million, a figure that, according to the latest findings by Santiment, represents the highest among all cryptocurrencies. In fact, 5.16 million wallets were recorded in 2026 alone. The data indicates consistent user participation, even amid sideways market conditions.

The analytics firm added that continued interest in staking contributes to a steady decline in ETH held on centralized exchanges. The trends can reduce selling pressure and support prices over time, even if short-term movements remain muted.

In the current context, network fundamentals suggest strong underlying support. Glassnode analyst Chris Beamish found Ethereum currently trades around a dense cost basis cluster. The situation means many holders are near their breakeven levels. Beamish explained holding the zone would indicate absorption and base-building, while a breakdown could push ETH toward weaker support areas where holders might look to reduce exposure.

Largest Corporate ETH Holder Increases Staking Positions

On the corporate treasury side, BitMine Immersion Technologies, the largest corporate ETH holder, expanded its Ethereum treasury by 40,302 ETH on Monday, worth approximately $117 million. Its total holdings now exceed 4.24 million ETH and account for 3.52% of all ETH in circulation.

The firm also revealed staking over 2 million ETH, almost half of its Ethereum holdings, converting a significant share of its treasury into yield-earning assets. BitMine’s accelerated staking pace has added pressure to the Ethereum network, pushing the waiting period to become a new validator to 54 days as staking popularity on the blockchain grows.

Corporate interest in Ethereum, in general, has been trending upward. Bitwise observed companies purchased over 1 million ETH, valued at approximately $3.5 billion. The number of publicly disclosed firms holding ETH rose 40%, and together, corporate holdings now account for roughly 5% of all Ethereum in circulation.

Santiment data shows new wallet creation remains robust even during price consolidation periods. The metric suggests organic adoption rather than hype-driven speculation. The exchange supply reduction occurs as more holders move ETH toward self-custody solutions and staking contracts. The pattern historically precedes periods of lower volatility and potential accumulation.

Chris Beamish emphasized the current cost basis cluster functions as a decision zone for the market. Buyers who entered near current levels will defend positions, while sellers pressure to exit without losses. BitMine converts its passive treasury into productive assets through staking, generating yields while maintaining ETH exposure. The strategy contrasts with corporate holders who simply store assets without utilizing them.

The 54-day waiting period for new validators reflects saturation in the staking activation queue. Demand exceeds the network’s processing capacity to onboard new validators immediately. Corporate purchases of $3.5 billion in 2026 demonstrate institutional appetite for Ethereum despite regulatory uncertainty. Companies continue accumulating ETH as part of diversified treasury strategies.

The 40% increase in companies disclosing holdings signals normalization of Ethereum as a corporate balance sheet asset. More public companies report ETH positions in quarterly financial statements.

The 5% circulation share in corporate hands provides a base of long-term holders less prone to selling during short-term volatility. Corporate treasuries typically maintain investment horizons measured in years. The drop to $2,800 over the weekend represented a technical support test amid adverse macro factors. The quick rebound to $3,000 validated demand at lower levels. Holders near breakeven levels face decisions about whether to maintain positions or take small losses. Resolution of the zone will determine medium-term direction.

Network Growth Metrics

The 175.5 million wallet milestone occurred during a period of sideways price action, suggesting genuine network expansion rather than speculative bubble formation. Staking withdrawals from exchanges accelerated in recent weeks as more holders commit ETH to validator contracts. The shift removes supply from available trading inventory.

BitMine’s $117 million purchase represents one of the largest single corporate acquisitions of ETH in 2026. The size demonstrates conviction in Ethereum’s long-term value proposition. The dense cost basis cluster identified by Glassnode indicates a large cohort of holders entered positions near current prices. Their behavior will influence near-term price stability.

Exchange-held ETH continues declining as staking rewards incentivize moving tokens off trading platforms. The trend reduces immediately available sell-side liquidity. Corporate adoption of staking strategies transforms idle treasury assets into income-generating positions. The approach maximizes returns while maintaining digital asset exposure.

The validator queue backlog demonstrates strong demand for participation in Ethereum’s proof-of-stake consensus. Network security benefits from broad validator distribution. Institutional accumulation through 2026 contrasts with retail sentiment during the same period. Corporate buyers maintained purchasing programs despite price volatility.

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Filed under: News - @ January 29, 2026 1:51 am