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Home»ADOPTION NEWS»New users are flocking to Ethereum and long-term holders are less active than ever.
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New users are flocking to Ethereum and long-term holders are less active than ever.

By Crypto FlexsApril 7, 20242 Mins Read
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New users are flocking to Ethereum and long-term holders are less active than ever.
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Posted 1 minute ago In ~

Long-term holder of Ethereum Ethereum ETH

+1.65%
Blockchain appears to be staying stronger than ever.

According to data from The Block, Ether’s active supply, or the supply moved from one wallet to another within a certain period of time, is currently at a historic low for more than a year. 30-day and 90-day active supply is also near record lows, more than half off its peak.

While active Ethereum supply has decreased by about 9% over the past 12 months, active Bitcoin supply has also recovered after hitting an all-time low, ending the period up about 1% for the first time in a year. – Years of active supply. Bitcoin’s recovery has significantly narrowed the wide gap that once existed in active supply between the top two cryptocurrencies by market capitalization.

While long-term Ethereum users are showing low activity, enthusiasm for Base has reached record levels, but new users appear to be flooding into the Ethereum ecosystem. Last month, Ethereum added 3.66 million new addresses, the highest since November 2021, the month of FTX’s collapse.

Ethereum also underwent a Dencun upgrade last month, introducing “blobs” to lower layer 2 network transaction costs.

This has resulted in an increase in the number of active addresses on the network, as measured by a 7-day moving average, suggesting that the new activity is enough to compensate for the more conservative behavior of long-term holders.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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