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SKY Ethereum pledge ratio hit a record high of 34%, ETH approached US$2100, but on-chain activity remained weak
On Tuesday, Ethereum (ETH) climbed to US$1950 for the first time in seven weeks, resulting in the liquidation of US$62 million worth of leveraged short positions. This is a 29% increase from the recent low of $1500 on June 26, reflecting an overall shift in risk appetite in the market, which also pushed Bitcoin (BTC) above $66500. With this upward trend, market participants are closely watching whether ETH can break the $2100 mark.
Stock market rebound and technology stock earnings boost optimism
U.S. stocks surged across the board on Tuesday, easing concerns about overheating valuations after a strong rebound in artificial intelligence-related stocks. Traders are increasingly optimistic about the upcoming earnings season, especially after 3M reported earnings early Tuesday. Google parent company Alphabet will also report quarterly results after the close of trading on Wednesday. Analysts expect the company's Cloud Services business to grow by 64% driven by strong investment in artificial intelligence. Positive earnings performance is expected to boost investor confidence and inject new impetus into the cryptocurrency market. Some people believe that the strong performance of technology stocks is a key factor in pushing the total market value of cryptocurrencies back to the US$2 trillion mark.
Indicators on the Ethereum chain show stagnant demand
Despite recent price increases, Ethereum's on-chain indicators remain weak. Data shows that blockchain processing demand has not yet returned to the level of six months ago. The decline was associated with weakening interest in meme and utility tokens, causing well-known projects such as Ethena (ENA), Mantle (MNT) and Arbitrum (ARB) to fall by more than 50% during the year. Weekly revenue for Ethereum decentralized applications (DApps) fell to $9.8 million, the lowest level since September 2024. One of the best-performing projects, Sky (formerly MakerDAO), had revenue of $3.2 million during the week, while Chainlink had revenue of $1.2 million during the same period. Overall, weekly trading volume on decentralized exchanges (DEX) fell to $7.2 billion, highlighting traders 'continued caution.
On-chain stagnation is also reflected in the downturn in derivatives activity.
Derivatives Data and Pledge Trends
In the past month, it has been difficult to maintain the annualized funding rate for ETH perpetual contracts within the neutral range of 6% to 12%. However, this has improved from negative interest rates that emerged at the end of June, indicating strong bearish pressure. The high enthusiasm for Ethereum pledges has driven a shift in trader sentiment. Staking Rewards data shows that 34% of total ETH supply is currently pledged, up from 33% a month ago. Bitmine Immersion, led by Tom Lee, has increased its holdings of 156,719 ETH units in the past month and currently holds 4.8% of the circulating supply. Analysts believe that more ETH is locked in pledge contracts and the tradable volume is reduced, thereby reducing selling pressure. Despite these positive signals, ETH is still down 61% from its all-time high in August 2025, making traders cautious about the possibility of a continued rebound.
Whether Ethereum can reach and hold firm at $2100 may depend on further easing of overall risk aversion, especially as the market awaits Google's revenue guidance released late Wednesday.
The recent rise in Ethereum prices has not been accompanied by a recovery in on-chain activity. Although the pledge participation rate hit a new high, DApp revenue and DEX transaction volume hit multi-month lows.
Small Dictionary: Bitmine Immersion-a digital asset infrastructure company led by financial analyst Tom Lee, focusing on large-scale cryptocurrency mining and pledge management.
