- Fewer new Ethereum wallets are being generated than at any other time this year as spot ether ETFs start trading in the United States.
With the recent introduction of spot ether ETFs on the American stock market, the quantity of new Ethereum ETH -20.11% wallet addresses is at its lowest point of the year.
The seven-day moving average of newly created Ethereum wallets is at its lowest point since December 2023.
The average number of active addresses and transactions on the Ethereum network has also decreased recently, falling to levels not seen in almost six months.
The drop in these figures after spot ether exchange-traded funds were recently introduced to the US stock market could indicate that some investors are now exposed to ether through those funds instead than buying the tokens directly.
Solana, Ethereum’s rival, has experienced a recent increase in new addresses as its DEX environment rapidly approaches that of Ethereum and memecoins continue to attract thousands of users.
Despite the current market decline, the number of new addresses on the Bitcoin network has increased recently. Nevertheless, there is no clear correlation between the number of new wallets and the amount of fees paid on the network or the amount of on-chain activity.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
