Ethereum is approaching 200 million non-empty addresses, with Santiment saying the network is roughly 5 million short of that level and has 230% more holders than Bitcoin. The address growth has been linked to Ethereum’s broader use across DeFi and dApps, indicating continued network adoption even as bearish sentiment and price performance remain disconnected from that trend. ETH was trading near $1,616 in the newer report, while falling exchange reserves suggested reduced immediate sell-side spot supply and elevated Binance derivatives activity signaled increased short-term volatility risk.