Ethereum addresses lowest level of the year

The number of Ethereum wallet addresses has dropped following the trading launch of ETH ETFs. According to data from The Block, the number of addresses is at its lowest level since December 2023. The average number of active addresses and transactions on the Ethereum network have also collapsed, reaching a six-month low.

One reason for the decline could be the Ethereum ETF: instead of buying ETH tokens directly, investors prefer to invest in the listed product. Last week there was a net outflow of $170 million. But on two days, there was a net inflow of $33 million and $26 million, respectively.

While the BlackRock ETF is growing steadily at $712 million, the Grayscale product remains on sale. More than $2 billion has already flowed out. At the time of writing, Ethereum stands at $2,236 and has fallen 23 percent in the past 24 hours. Here are the reasons.