The number of new Ethereum wallet addresses has reached its lowest point in 2024 following the recent launch of spot Ethereum exchange-traded funds (ETFs) on the US exchange.
New Ethereum Wallet Addresses Drop to Lowest Level This Year
The seven-day moving average of new Ethereum wallets has fallen to levels not seen since December 2023, although it remains above most of the figures recorded over the past year.
In addition to the decline in new wallet generation, the Ethereum network experienced a decline in both the average active address and the number of transactions, reaching almost six-month lows.
This pullback coincides with the launch of spot Ethereum ETFs and suggests that some investors may prefer these financial instruments rather than purchasing Ethereum tokens directly.
In contrast, Ethereum rival Solana has seen a surge in new address creation, fueled by the growing decentralized exchange (DEX) ecosystem and the popularity of memecoins, which continue to attract significant traction.
Similarly, the Bitcoin network also experienced an increase in new wallet addresses despite the broad market downturn. This increase in new addresses did not lead to a corresponding increase in transaction fees or overall on-chain activity.
*This is not investment advice.
