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Number of Ethereum (ETH) Wallets Hits Lowest Level of the Year
The number of newly created Ethereum wallets has reached its lowest point in 2024 after the recent introduction of Ethereum exchange-traded funds (ETFs).
Author:
Utku Yanık
05.08.2024 – 17:13
Update:
6 seconds ago
0
The number of new Ethereum wallet addresses has hit its lowest level in 2024 following the recent launch of spot Ethereum exchange-traded funds (ETFs) on a US exchange.
New Ethereum Wallet Addresses Reach Lowest Level This Year
The seven-day moving average of new Ethereum wallets has dropped to levels not seen since December 2023, although it is still higher than most of the figures recorded in the past year.
In addition to the decrease in new wallet creation, the Ethereum network has also witnessed a decline in both average active addresses and the number of transactions, reaching nearly six-month lows.
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This decline coincides with the introduction of spot Ethereum ETFs, suggesting that some investors may prefer these financial instruments over directly purchasing Ethereum tokens.
On the other hand, Ethereum competitor Solana has experienced a surge in the creation of new addresses, driven by the growing decentralized exchange (DEX) ecosystem and the popularity of memecoins, which continue to attract significant attention.
Similarly, the Bitcoin network has seen an increase in new wallet addresses despite the overall market downturn. However, this rise in new addresses has not resulted in a corresponding increase in transaction fees or overall on-chain activity.
*This article does not provide investment advice.
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