Ethereum has achieved a significant milestone in early 2026, with the number of active, non-empty wallets reaching a record 175.5 million. According to data from analytics firm Santiment, this represents an addition of 5.16 million new wallets in the first month of the year alone, signaling robust growth in user adoption and network participation.
The surge is closely tied to the rising popularity of Ethereum staking following its transition to a Proof-of-Stake (PoS) consensus mechanism. The appeal of earning passive income is drawing both long-term holders and new users, leading to a substantial amount of ETH being locked in staking contracts. This trend has a dual effect: it reduces the circulating supply available for trading and enhances the network's security and decentralization.
Concurrently, the supply of ETH held on centralized exchanges is declining sharply, a trend that typically indicates accumulation and reduced immediate selling pressure. With fewer tokens readily available on exchanges, the market structure becomes more conducive to potential price appreciation if demand persists.
Adding to the institutional narrative, BitMine Immersion Technologies, the largest corporate holder of Ethereum, recently expanded its treasury by 40,302 ETH (worth approximately $117 million), bringing its total holdings to over 4.24 million ETH—about 3.52% of the total circulating supply. The firm has staked over 2 million ETH, converting nearly half of its holdings into yield-generating assets. This aggressive corporate staking has contributed to network congestion, increasing the waiting period to become a new validator to 54 days.
Broader corporate interest is also on the rise. Data from Bitwise indicates that publicly traded companies have purchased over 1 million ETH (valued around $3.5 billion) in recent times. The number of firms disclosing ETH holdings has grown by 40%, and corporate holdings now account for roughly 5% of all Ethereum in circulation.
Despite these strong fundamentals, Ethereum's price experienced volatility, briefly dipping to nearly $2,800 over a weekend due to geopolitical tensions before recovering above $3,000. Analysts note that ETH is currently trading around a dense cluster of holder cost bases, a critical zone that will determine whether the asset builds a strong support base or faces further downward pressure.
