Ethereum hits 15.19M users, but where does leverage stand now?

ambcryptoPublished on 2026-02-09Last updated on 2026-02-09

Abstract

Ethereum's network activity has surged, reaching a record 15.19 million monthly active addresses—a 38% increase over the past month and a 114% year-over-year rise. Despite this on-chain growth, trader sentiment and market behavior remain unsettled. Funding rates have turned positive on exchanges like BitMEX, hitting 0.049%, indicating aggressive long positioning and rising leverage. However, this has not translated into significant price gains, with ETH stabilizing in the $2,000–$2,200 range. The RSI shows short-term relief, but with leverage building and spot demand uncertain, the risk of a pullback remains if crowded long positions unwind.

Ethereum [ETH] network activity is picking up pace. At the same time, market positioning feels far less settled. Especially since sentiment is swinging so quickly right now!

This split between what’s happening on-chain and how traders are behaving makes things interesting for ETH.

Activity at a record high

Monthly active addresses on Ethereum climbed to 15.19 million – A new ATH! The jump has been huge and consistent; activity is up 38% over the past month, 71% across the last six months, and a striking 114% YOY.

Source: X

More users are interacting with the Ethereum network again too, whether through transfers, applications, or smart contracts. The pace of the recovery has been striking, especially after a tame stretch late last year.

Put simply, Ethereum is up and at it!

Is the Funding now crowded?

Funding rates have swung positively on some exchanges, most notably BitMEX. Its ETH funding rate jumped to 0.049%, the highest level since October and well above the late-October peak near 0.03%.

There’s been aggressive long positioning and rising leverage across the board.

Source: Cryptoquant

At the same time, Binance seemed interesting too. ETH funding there moved from deeply negative levels around -0.025% on 05 February, back towards neutral. Shorts are backing off too, while new Open Interest is being powered by longs.

So far, such positive funding hasn’t caused upside. However, it does raise the risk of pullbacks if crowded long positions are forced to unwind.

Stable, but no breakout… yet

After the most recent sell-off, ETH has found temporary footing around the $2,000-$2,200 zone. This range-bound move makes clear that selling pressure has eased. Even so, buyers aren’t quite convinced just yet.

Source: TradingView

The RSI lifted to the low 30s, a short-term relief. Volume also calmed down after the recent spike. So, the urgency may be fading, perhaps.

With leverage building in derivatives and the price still fragile, the next move might be dependent on spot demand.

Final Thoughts

  • Ethereum’s on-chain use just hit a record 15.19M active addresses!
  • BitMEX funding was at 0.049%, with the altcoin’s price stuck on the charts. 
Next: Aave’s $4.65B stress engine – From Bitcoin liquidation shock to protocol yield!
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Related Questions

QWhat is the new all-time high for monthly active addresses on the Ethereum network mentioned in the article?

AThe new all-time high for monthly active addresses on the Ethereum network is 15.19 million.

QAccording to the article, what was the year-over-year (YOY) growth in Ethereum's network activity?

AThe year-over-year (YOY) growth in Ethereum's network activity was a striking 114%.

QOn which exchange did the ETH funding rate jump to 0.049%, its highest level since October?

AThe ETH funding rate jumped to 0.049% on BitMEX, which was its highest level since October.

QWhat price zone did Ethereum find temporary footing in after the most recent sell-off?

AAfter the most recent sell-off, Ethereum found temporary footing in the $2,000-$2,200 price zone.

QWhat does the article suggest the next price move for ETH might be dependent on, given the building leverage and fragile price?

AThe article suggests that the next price move for ETH might be dependent on spot demand, given the building leverage in derivatives and the still fragile price.

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