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Home»ADOPTION NEWS»Number of New Ethereum Addresses Plummets to Lowest This Year
ADOPTION NEWS

Number of New Ethereum Addresses Plummets to Lowest This Year

By Crypto FlexsAugust 5, 20242 Mins Read
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Number of New Ethereum Addresses Plummets to Lowest This Year
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Market • August 4, 2024 7:42 PM EDT

Posted 1 minute earlier In ~

New number Ethereum Ethereum

-8.36%
Following the recent launch of an Ethereum-based spot ETF on the US stock market, wallet addresses hit their lowest levels this year.

According to data from The Block, the seven-day moving average of new Ethereum wallets is at its lowest level since December 2023, but has remained above that value for most of 2023.

The average number of active addresses and transactions on the Ethereum network has also recently declined, reaching its lowest level in nearly six months.

The recent decline in these numbers following the launch of a spot Ether exchange-traded fund (ETF) on the US stock market may suggest that some investors are gaining exposure to Ether through these funds rather than buying tokens directly.

By comparison, Ethereum’s competitors are Solana brush

-3.91%
I saw ~ According to data from The Block, new addresses have been growing recently, the DEX ecosystem is rapidly closing the gap with Ethereum, and Mimecoin continues to attract thousands of users.

The Block previously reported that the Bitcoin network has also seen a recent increase in new addresses despite the market downturn. However, the level of increase in new wallets is not directly related to an increase in fees paid on the network or an increase in on-chain activity.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest 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 on the cryptocurrency industry. Below are the 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 legal, tax, investment, financial or other advice.

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