Ethereum Active Users Double to 8M as Daily Transactions Hit Record 2.8M
Ethereum active addresses almost doubled to ~8 million in 30 days, driven mostly by new wallets, while daily transactions reached a record 2.8 million. Glassnode reports activity retention rose from just over 4M to ~8M, indicating both new and returning users are staying engaged. Etherscan data shows the 2.8M daily transactions mark is a 125% year‑over‑year increase. Key drivers include rising stablecoin volume on Ethereum, lower on‑chain fees as execution shifts to Layer‑2 networks, and continued staking growth (close to 36M ETH staked per LVRG Research). Analysts cited — Justin d’Anethan (Arctic Digital), Nick Ruck (LVRG Research), and Michaël van de Poppe (MN Fund) — say improved network metrics, upgrades, and Layer‑2 expansion are attracting capital and could support further price action; ETH recently reached about $3,400. For traders: higher stablecoin throughput and cheaper Layer‑2 settlements increase on‑chain liquidity and trading activity, potentially raising intraday volatility and providing more opportunities for arbitrage and on‑chain flow analysis.
Bullish
Rationale: The metrics — active addresses doubling to ~8M and daily transactions hitting 2.8M — point to genuine user growth and higher on‑chain demand. Rising stablecoin activity increases on‑chain liquidity and settlement volume, which historically supports price appreciation for settlement layer tokens like ETH (more demand for gas and staking). Lower fees and execution moved to Layer‑2 improve UX and broaden addressable market, often preceding inflows from retail and institutional sources. Similar past episodes (e.g., 2020–2021 DeFi and Layer‑2 adoption waves) saw network usage gains correlate with multi‑week bullish runs for ETH. Short‑term implications: increased volatility and trading volume — creating arbitrage and momentum opportunities but also occasional congestion on specific rollups or bridges. Long‑term implications: sustained user retention, continued stablecoin throughput, and Layer‑2 scalability can underpin higher valuation multiples and institutional interest. Risks: if growth is concentrated in a few stablecoin rails or a short‑lived dApp, impact may fade; macro shocks or regulatory actions could still override on‑chain positives. Overall, current signals favor a bullish outlook for ETH price and on‑chain activity.