Ethereum On-Chain Activity Hits New Milestones
Despite short-term market fluctuations, on-chain data highlights Ethereum's robust performance. According to the latest report from Goldman Sachs, Ethereum's daily active addresses, new addresses, and transaction volumes have all seen significant growth, rising 27.5%, 26.8%, and 36.0% sequentially.
- In January, Ethereum's daily new address count averaged 427,000, far exceeding the 162,000 seen during the 2020 DeFi Summer.
- Currently, Ethereum's 7-day moving average of active addresses exceeds 1.2 million, setting a new historical high.
Solana Also Shows Growth Momentum
In addition to Ethereum, the Solana network demonstrates upward trends. Its daily active addresses and transaction counts increased sequentially by 24.3% and 8.2%, indicating growing network adoption.
Market Outlook and Analyst Insights
Goldman Sachs notes that Ethereum's current market cap has dropped below its realized cap—a metric that values assets based on the price at which they last moved on-chain. This suggests that the majority of ETH holders are currently holding at a loss.
Timothy Misir, Research Director at digital asset analytics firm BRN, commented: "The stability of ETF inflows is a key signal for gauging the sustainability of crypto market rallies. Without this support, the rebound may struggle to gain lasting traction."