The number of new Ethereum wallet addresses is currently at its lowest level this year following the recent launch of spot ether ETFs on the U.S. stock market.
According to The Block's data, the seven-day moving average of new Ethereum wallets is at its lowest level since December 2023, though it remains higher than its value throughout much of 2023.
The Ethereum network's average number of active addresses and transactions have both declined recently as well, hitting nearly six-month lows.
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The decline in these numbers following the recent launch of spot ether exchange-traded funds in the U.S. stock market may point to some investors gaining exposure to ether through those funds, rather than purchasing the tokens directly.
In comparison, Ethereum rival Solana has seen an uptick in new addresses recently according to The Block's data, as its DEX ecosystem rapidly closes the gap with that of Ethereum and memecoins continue to draw the attention of thousands.
The Bitcoin network has also seen a recent uptick in new addresses, despite the current downturn in the market, The Block previously reported. However, the increased level of new wallets isn't directly correlating to more fees being paid on the network or increased on-chain activity.
