According to BlockBeats, as of August 5, data from The Block indicates that the seven-day moving average of new Ethereum wallets has reached its lowest level since December 2023. This decline in new wallet creation suggests a slowdown in user adoption and engagement within the Ethereum network.

In addition to the decrease in new wallets, the average number of active addresses and transactions on the Ethereum network has also seen a recent decline. These metrics have dropped to their lowest levels in nearly six months, reflecting a broader trend of reduced activity and participation in the Ethereum ecosystem.