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Number of Ethereum (ETH) Wallets Hits Record Low for the Year
Number of Ethereum (ETH) Wallets Hits Record Low for the Year
Following the recent introduction of Ethereum ETFs, the number of new Ethereum wallets has plummeted to its lowest point in 2024.
Author:
Utku Yanık
05.08.2024 – 17:13
Update:
6 seconds ago
0
The number of newly created Ethereum wallet addresses has reached its lowest level this year after the launch of spot Ethereum exchange-traded funds (ETFs) on the US exchange.
New Ethereum Wallet Addresses Drop to Lowest Level in 2024
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 decline in new wallet creation, the Ethereum network has witnessed a decrease in both the average active addresses and the number of transactions, hitting nearly six-month lows.
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This decrease coincides with the introduction of spot Ethereum ETFs, suggesting that some investors may prefer these financial instruments over direct purchases of Ethereum tokens.
On the other hand, Ethereum competitor Solana has experienced a surge in new address creation due to the growing decentralized exchange (DEX) ecosystem and the popularity of memecoins, which continue to gain significant traction.
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 is not investment advice.
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