The activity observed in the Ethereum network in the last month indicates a remarkable change in direction in the cryptocurrency market. On-chain data reveals that increased interaction on the network is not due to existing users transacting more frequently, but rather to new wallets coming into contact with Ethereum for the first time. While there is a significant jump in activity retention rates measured on a monthly basis in the “new” address group, this picture indicates a burgeoning of fresh interest in Ethereum. This trend, which emerged in a period when market pricing was relatively balanced and the general risk appetite recovered, contains important signals for the nature of network usage.
What Does the Increase in New Addresses Tell?
Monthly activity data on the Ethereum Blockchain provided by Glassnode shows that there has been a sharp increase in the number of wallets making transactions for the first time in the last 30 days compared to previous months. This metric measures whether the network is actually attracting new participants based on a wallet’s first interaction recorded in the Blockchain. The recent rise in this metric indicates not only a picture in which previously active users move their funds more frequently, but also external participation in the Ethereum ecosystem.
An increase in activity within the blockchain does not always mean the same thing. Especially during volatile periods, the same users making many transactions in a short time can artificially inflate the total activity. The rise led by new addresses corresponds to a different dynamic. Decentralized finance applications, stablecoin transfers, NFT transactions or new applications developed on the network are among the main touchpoints of this fresh participation.
When historical data is examined, it can be seen that permanent increases in the number of new addresses generally coincide with periods when network usage expanded beyond a narrow group of “power users”. Although this does not provide a direct guarantee for prices, it is considered a healthy sign that Ethereum has begun to appeal to a wider user base as an infrastructure.
Market Equilibrium and the Question of Permanence
The revival in question coincided with a period when the price of the Ethereum network’s main network asset, ETH, stabilized at $ 3,300 and sentiment in the cryptocurrency market began to improve after the volatile period at the end of 2025. It is known that network usage often reacts with a delay to price movements. It takes time for new participants to set up wallets, transfer funds, and interact with applications. Latest data points to a wave of participation following this delay.
The real determining factor will emerge in the coming months. If first-time wallets remain permanently active on the network, this could pave the way for a more durable recovery in the use of the Ethereum network. On the contrary, if the transactions fade in a short time, the interpretation that the current increase is limited to a temporary market excitement may come to the fore.
For now, the picture is clear and Ethereum has started to attract new users again after a long period of stagnation and consolidation. This trend shows that the network is starting to come to the fore not only with price movements but also with the diversification of its usage areas.
