Ethereum Onchain Report

Date: 23 Jan 2026

Data Sources:

TVL, DEX volume, app fees & revenue: DeFiLlama

Community sentiment: CoinMarketCap

Network Snapshot:

Active Addresses (24h): 994K

DEX Volume (24h): $1.8B

TVL: $68.8B

App Fees (24h): $15.7M

App Revenue (24h): $2.6M

Chain Fees (24h): $391K

Chain Revenue (24h): $746K

Weekly Change: +9.7%

Community Sentiment (CoinMarketCap Vote):

Total Votes: 2.19M

Bullish: 82%

Bearish: 18%

Key Takeaways

Healthy Network Activity

Approximately 1M daily active addresses shows Ethereum is actively used, not abandoned.

DEX volume of $1.8B confirms real trading activity and liquidity rotation.

Robust Capital Lockup

TVL at $68.8B indicates strong institutional and user confidence.

Capital isn’t idle, DeFi and staking protocols continue to grow.

Efficient Fee Structure

Base layer fees: $391K,

chain revenue: $746K

Ethereum runs efficiently, not congested.

Apps generate $15.7M in fees, capturing $2.6M in net revenue which suggests that economic activity is real and sustainable.

Growth Signal

Weekly change +9.7%

shows the network is accelerating, supporting accumulation narratives.

Price Divergence

Despite growing onchain activity, $ETH ETH price dropped 11.23% over 7 days.

This divergence is normal: onchain fundamentals often leads price, while market sentiment and macro factors drive short-term fluctuations..

Social Confirmation

82% of 2.19M voters are bullish, community sentiment aligns with onchain fundamentals.

My key take away:

Ethereum is currently in a quiet accumulation + early expansion phase:

Strong network usage ✅

High economic activity ✅

Healthy TVL and staking participation ✅

Positive community sentiment ✅

ETH behaves like a digital economy, not a trade, structurally bullish, pre-expansion.

Data Credit: TVL, DEX, App Fees & Revenue from DeFiLlama.

Community sentiment from: CoinMarketCap

#Etheruem