In a notable development for the cryptocurrency market, the number of new Ethereum wallet addresses has plummeted to its lowest level of 2024. This decline follows the recent debut of spot ether exchange-traded funds (ETFs) on U.S. stock exchanges.
Data from The Block reveals that the seven-day moving average of new Ethereum wallets has sunk to figures not seen since December 2023. Despite this, the current levels are still above many of the figures recorded throughout last year.
The decrease in new wallet creation is accompanied by a drop in the average number of active addresses and transactions on the Ethereum network, which have reached nearly six-month lows. This trend appears to align with the launch of spot ether ETFs, suggesting that investors may be favoring these financial products over direct purchases of ether tokens.
In contrast, Solana, a competitor to Ethereum, has experienced an uptick in new address creation. This growth is attributed to its expanding decentralized exchange (DEX) ecosystem and the ongoing popularity of memecoins, which continue to capture significant attention.
Meanwhile, the Bitcoin network has also seen an increase in new wallet addresses, even amid a broader market downturn. However, this rise has not translated into a notable increase in transaction fees or overall on-chain activity.
As the cryptocurrency landscape evolves, these trends highlight shifting investor preferences and the impact of new financial instruments on blockchain networks.
