since the Fusaka upgrade on December 3, 2025, Ethereum network activity has rapidly increased. Data shows that the number of new addresses has grown by about 110%, currently adding approximately 292,000 new addresses daily. Analysts say this highlights an accelerated growth in user adoption, reflecting the combined effects of seasonal factors and structural upgrades.

In addition, the HODL Waves indicator shows an increase in the number of mid-term holders who have held Ethereum for three to six months. Most of these investors built positions between July and October 2025, with those entering in early July currently in profit, while investors entering after mid-July are still at a loss. A price increase may trigger selling from these holders.