Ethereum network activity has surged since the Fusaka upgrade went live on December 3, with on-chain data pointing to a 110% increase in new holders over the past three weeks. The upgrade focused on improving scalability and lowering transaction costs, particularly across Ethereum’s Layer-2 ecosystem, a key concern amid growing competition from other smart contract platforms.
Since Fusaka’s launch, Ethereum has been adding approximately 292,000 new addresses each day. These wallets have yet to interact with ETH, a metric commonly used to track early-stage adoption trends. Similar spikes in address creation were observed following Ethereum’s Merge in 2022 and the Dencun upgrade cycle in 2024.
While market behavior remains cautious, indicators such as HODL Waves show growing participation among mid-term holders who entered between July and October 2025. Although many newer investors remain underwater, continued address growth often supports liquidity and price stability during volatile market conditions.
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