Gate Research Institute: Q1 2025 ETH Network Review

Summary

• Market capital heat has cooled down, and risk appetite has become conservative. ETH's price has significantly retraced in Q1, with the market value shrinking to around $217.3 billion.

• The average daily trading volume of ETH options is $840 million, an increase of 34.5% month-on-month; the open interest has decreased by 6.9% month-on-month, indicating a neutral market sentiment.
• ETH spot ETF funds continue to flow out, and investor sentiment is becoming more conservative. Grayscale has surpassed BlackRock to become the institution with the largest ETH ETF holdings.
• As of March 31, 2025, the total number of holder addresses on the ETH chain reached 161 million, an increase of approximately 3.54% compared to the end of January.
• ETH average Gas fees in March dropped by more than 50%, and only 3,694 coins were destroyed, a month-on-month decrease of 61.36%, indicating that on-chain activity continues to cool down.
• The ETH lock-up data shows a trend of "increased volume but decreased value". As of March 31, the number of ETH locked up reached 27.67 million ETH, a month-on-month increase of 15.54%.

• Aave's TVL reached 14.3 billion USD, topping the highest TVL protocol on Ethereum.
• RWA and stable income strategies drove Sky and Ethena's TVL to increase by 3.99% and 12.24% respectively.
• The mainstream Layer 2 TVL has generally declined, while the emerging protocol Soneium has seen a growth of up to 8,622%, becoming the highlight.
• The market value of Ethereum stablecoins grew by 11.36% in Q1, maintaining a market share of over half. USDC performed impressively, surging by 25% in Q1, driving the growth of ETH stablecoin market value.

• Ethereum Pectra upgrade combines execution layer and consensus layer optimizations, expected to be deployed on the mainnet in Q2 2025, becoming an important turning point for Ethereum's future innovations and adoption.

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