As of June 27, 2024, the number of new addresses on the Ethereum network peaked at 138,620. On August 1, there were 37% fewer, almost 87,360. By September 1, the figure had risen slightly to 102,710, but then by September 25, it had fallen again by 23% compared to the beginning of the month, to 78,390.

The total number of active users on the network #Ethereum has also fallen, from 722,080 on June 27 to 615,180 today.

Analysts attribute the drop in the number of new Ethereum addresses to the launch of US spot ETFs based on the leading altcoin. After their appearance, investors began to invest in the new exchange-traded product, rather than buying the second-largest cryptocurrency directly. In addition, the interest of market participants is shifting towards newer networks, such as Solana, which is recording an increase in the number of users.

At the same time, the price of the Ethereum (ETH) cryptocurrency is growing, as large holders regularly sell their assets. Thus, on September 23, one of them transferred more than 3,510 ETH to the Kraken exchange. Since the beginning of the year, the leading altcoin has risen in price by more than 15%, and by 10.6% in a week.