Ethereum is seeing a surge in new user activity even as ETH price action remains largely range-bound.
According to a Jan. 13 post by on-chain analytics platform Santiment, Ethereum has recorded an average of 327,000 new wallets created per day over the past week, marking the highest rate of address creation in the network’s history.
Nearly 394,000 new wallets were created in a single day on Jan. 11, breaking the previous record.
One reason for the rise in new wallets is Ethereum’s (ETH) Fusaka update, released in early December 2025. The update improved base-layer data handling and reduced the cost for layer-2 networks to post data to Ethereum.
This made transactions cheaper and reduced friction for users interacting with apps through rollups, supporting increased onboarding activity.
Another significant factor has been stablecoin activity. Nearly $8 trillion worth of stablecoin transfers were settled on Ethereum during the last quarter of 2025, setting a record. This level of usage shows that Ethereum is becoming a reliable settlement layer rather than just a trading platform.
This view is supported by other network metrics. Daily transactions and active addresses are still close to their most recent peak levels, which is a sign of stable activity.
ETH hasn’t shown much of a trend in recent weeks, staying mostly in the $3,000 to $3,300 range. Santiment’s data shows new addresses being created while the market consolidates, a pattern often linked to longer-term adoption rather than quick speculative moves.
Additionally, institutional players continue to be involved, primarily through continuous network infrastructure investments and staking activities. Bitmine, for example, has staked nearly $4 billion worth of ETH, showing continued long-term commitment from large players.
Together, these trends suggest Ethereum’s user base is expanding faster than price movements suggest. While the market waits for a clearer direction, activity on the network continues to build quietly. Analysts view this as one of the clearest signs that ETH could be preparing for significant price moves in the mid to long-term.
