Goldman Sachs reports that Ethereum's on-chain activity is robust, despite recent price declines. The network has seen a 27.5% increase in daily average active addresses and a 26.8% rise in new addresses. Notably, Ethereum's daily new address count hit a record high of 427,000 in January, surpassing the 'DeFi Summer' peak of 162,000. Additionally, Ethereum's daily active addresses reached 1.2 million, marking another record. Solana also showed positive on-chain metrics, with a 24.3% increase in daily average active addresses and an 8.2% rise in transactions. However, Goldman Sachs noted that Ethereum's market capitalization is currently below its realized market capitalization, indicating that most ETH holders are at a loss. Timothy Misir from BRN emphasized the importance of ETF inflows for sustaining any market rebound.
Ethereum's On-Chain Activity Surges Despite Price Weakness, Says Goldman Sachs
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