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