Ethereum Sees $100 Billion TVL Amid Market Correction in Q4 2025

Ethereum (ETH) ended the quarter amid a broader market downturn, with macroeconomic risks and global trade tensions weighing on crypto.

According to Token Terminal’s Q4 2025 Activity and Financial Report, ETH fell 28.3%, opening at $4,150 in October and closing at $2,982 in December.

Bitcoin (BTC) also declined 23%, highlighting a sector-wide correction. The ETH/BTC ratio remained stable at around 0.034–0.035, suggesting Ether is increasingly seen as a primary settlement layer rather than a defensive asset.

Source: Token Terminal

Despite the price drop, Ethereum maintained solid fundamentals. Circulating market cap stood at $222.2 billion, with 10.4 million holders and 30-day trading volume of $886 billion. Token Terminal’s report confirmed Ethereum’s “rollup-centric” strategy.

The Fusaka and PeerDAS upgrades improved scalability, reduced short-term fee revenue, and prioritized Layer 2 adoption over direct monetization, supporting the progressive immobilization of ETH supply.

Institutional Dynamics Shift ETH Allocation

The report highlighted divergent institutional strategies in Q4 2025. Spot ETH ETFs faced declining liquidity as investors de-risked, with BlackRock’s market share falling from 72.1% to 51.8%.

Source: Token Terminal

Meanwhile, Grayscale Mini ETH attracted attention with 64% of assets staked, a gross yield of 4.07%, and low fees of 0.15%. Together, BlackRock and Grayscale now manage over 84% of ETH ETF assets.

Corporate treasuries adopted a counter-cyclical approach. ETH holdings rose from 3.6% to 4.99% of the circulating supply, with staking ratios up to 100% for some actors. SharpLink Gaming deployed $170 million via EtherFi and EigenCloud, while Bit Digital staked 89% of holdings.

Source: Token Terminal

These strategies reduce floating supply and reinforce Ethereum’s market resilience, showing the growing professionalization of ETH treasury management.

Ethereum Network Activity and Staking Trends

The statistics indicate that Ethereum’s network activity was strong despite the market pressure. The number of daily transactions reached a peak of 2.23 million by the end of the year, with more than 15 million new addresses created in Q4.

Almost 500,000 contracts were deployed in a single day in November. The staked ETH reached above 35 million, which is 29% of the total supply, while the fees reduced to $76.6 million.

The total value locked in DeFi remained at $100 billion, which is constant in ETH value despite the 22.9% decline in USD value. The supply of stablecoins reached $177.6 billion, with a 30-day trading volume of $51 billion.

Source: Token Terminal

Real World Assets increased by 10.3% in QoQ, led by tokenized commodities, and lending increased by 624% YoY, indicating healthy development in the space. 

Also Read: Ethereum Drops as ETH/BTC Weakens and $12.4 Million Scam Hits Market