GM, Is Ethereum Distributing? Or Just Getting Started Again? I’ve been watching Ethereum’s onchain flows, L2 activity, and stablecoin velocity more closely lately. And I keep asking myself: are we in a distribution phase... or re-accumulation before the next leg? Let’s walk through the data. ▸ Engagement is climbing again: Weekly active addresses just hit 15.8M, with 712k users active across multiple chains - both up >10% WoW. This isn't a ghost chain. This is multichain coordination at scale. ▸ Throughput is peaking: Ethereum ecosystem throughput reached 74.9M gas/sec, with Base and Taiko pushing the L2 frontier. TPS peaked at 2,146 TPS (across all chains), settling more daily transactions than ever before. ▸ Stablecoins are flowing back in: Last 24H, Ethereum saw $396M in stablecoin net inflows - highest across all chains. Current ecosystem-wide cap is back to $148B, with L2s now holding 9%+ of that pie. ▸ Revenue is real: Ethereum is still pulling in $34.7M/month in app-level revenue - L2 share, 15% and rising. Fees may be lower on L2s, but real economic activity is shifting onchain, not away from it. ▸ ETH supply isn't hyper-deflationary, but still healthy: With 974K ETH annual issuance and 149K burned, supply is growing slowly at +0.68%/yr. Not ideal for ultrasound money maxis, but far from bearish. ▸ Mindshare? Unmatched. ETH is still the center of gravity across CT, whales, derivatives, and even meme narratives. Every time sentiment dips, it’s scoope. It’s still the safest settlement layer for real money. So is ETH in distribution? Sure, some whales are realizing gains. But the network is distributing value to a broader base, faster, cheaper, more composable. From where I’m standing, this feels less like a top… and more like a spring loading. → Price is moving up slowly. → Onchain is booming. → Smart money + instutions are repositioning. Don’t just watch ETH, watch Ethereum foundation too.