TechFlow reported, according to The Block's data, that the number of new Ethereum wallet addresses is currently at its lowest level since the beginning of this year. The 7-day moving average of new Ethereum wallet addresses has dropped to its lowest point since December 2023, although it remains above most levels seen throughout 2023.
Average active addresses and transaction counts on the Ethereum network have also declined, approaching six-month lows. Analysts suggest this may indicate that some investors are gaining exposure to Ethereum through ETFs rather than directly purchasing the token.
In contrast, Solana, a competitor to Ethereum, has recently seen an increase in new address creation. The Block's data shows that as Solana’s DEX ecosystem rapidly closes the gap with Ethereum and meme coins continue drawing significant attention, the number of new addresses on Solana has risen.
Additionally, despite the current bearish market trend, the number of new addresses on the Bitcoin network has also increased. However, the growth in new wallets has not directly translated into higher fees paid on the network.
