Data shows that the Ethereum network recently set a new all-time high (ATH) in the active addresses indicator, suggesting high user activity.
The 30-day MA of active Ethereum addresses has reached a new ATH
As CryptoQuant community analyst Maartunn pointed out in an article, Ethereum active addresses set a new record high in their 30-day moving average (MA) value. This on-chain indicator tracks the unique total number of addresses that participate in some sort of transaction activity on the blockchain each day.
When the value of this metric increases, it means that the number of users interacting on the network increases. Such a trend suggests that cryptocurrency is attracting attention. On the other hand, the falling indicator suggests that addresses are becoming inactive, potentially because investors have lost interest in blockchain.
Now here is the chart shared by Maartunn that shows the 30-day MA trend of active Ethereum addresses over the last decade:
Looks like the value of the metric has shot up recently | Source: @JA_Maartun on X
As shown in the chart above, the 30-day MA of active Ethereum addresses saw an increase alongside the bull rally during the second half of 2025, implying an increase in user activity. Price surges tend to excite investors, so it’s not uncommon to see interest in deals increase alongside them.
The chart shows that once the bear market shift occurred in the last quarter of 2025, active addresses also began to decline, a sign that investors were starting to shift their attention away from the network.
However, in 2026, something extraordinary happened. While Bitcoin saw another decline in February, this was actually accompanied by a sharp rise in the indicator that took its value to a new ATH.
In the past, cyclical peaks in active addresses tended to coincide with significant bull periods, with bear markets typically experiencing a slowdown in the metric. As such, the latest trend in the Ethereum network has broken the conventional model.
Separately, Ethereum spot exchange-traded funds (ETFs) started on a green streak earlier, but over the past two days, the net flow trend has turned negative again, as SoSoValue data shows.
How the US ETH spot ETF netflow has changed over the last few months | Source: SoSoValue
As the chart above shows, US Ethereum spot ETFs saw $136.4 million exit over the past day. The day before, they had recorded capital outflows of more than $55 million. While these red net flow spikes did not retrace all of the inflows that occurred during the first six-day stretch, they nonetheless suggest a shift in the wind in the market.
ETH Price
At the time of writing, Ethereum is floating around $2,100, unchanged from a week ago.
Looks like the price of the coin has retraced from its highs | Source: ETHUSDT on TradingView
Featured image of Dall-E, chart from TradingView.com
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