According to data from The Block, the number of new Ethereum wallet addresses is currently at its lowest level this year. Data shows that the 7-day moving average of Ethereum's new wallet addresses has dropped to its lowest point since December 2023, although it is still higher than the level for most of 2023.

The average number of active addresses and transactions on the Ethereum network also declined, approaching a six-month low. Analysts believe that this may indicate that some investors are gaining exposure to Ethereum through ETFs rather than directly purchasing tokens.

In contrast, Ethereum competitor Solana has seen an uptick in new addresses recently. Data from The Block shows that Solana's new address count has increased as its DEX ecosystem quickly narrows the gap with Ethereum and meme coins continue to attract a lot of attention.

Additionally, the Bitcoin network has seen an uptick in new addresses despite the current market downturn. However, the increase in new wallets has not directly translated into more fees paid on the network.