Ethereum Surpasses Record 990k Active Addresses Amid ETF Frenzy

Ethereum's network activity has reached an all-time high, with a record-breaking 989,500 active addresses in a single 24-hour period. According to Santiment data, this surge is driven by a combination of factors, including renewed interest in US spot Ethereum ETFs and growing DeFi activity.

The recent spike in net inflows into these products has been significant, with approximately $245 million pouring in over the course of a single week in early August. The two primary beneficiaries have been BlackRock's iShares Ethereum Trust (ETHA) and Fidelity's Wise Origin Ethereum Fund (FETH).

While this is an impressive figure, it's worth noting that Ethereum has experienced significant fluctuations in on-chain metrics over the past year. Earlier this year, the 30-day moving average for daily active addresses peaked at 785,000 in January, marking a 10-year high.