Ethereum is experiencing a remarkable increase in new user engagement, with daily wallet creations hitting an unprecedented average of 327,000. This surge comes despite the price of ETH remaining relatively stable, fluctuating between $3,000 and $3,300 in recent weeks. According to a report by on-chain analytics platform Santiment, this surge in wallet creation marks the highest rate in the network”s history.
On January 11, nearly 394,000 new wallets were created in a single day, breaking the previous record. Several factors contribute to this uptick in new wallets. One significant influence is the Fusaka update for Ethereum, which was released in early December 2025. This upgrade enhanced data handling on the base layer, resulting in reduced costs for layer-2 networks to interact with Ethereum. Consequently, transactions have become cheaper, thereby lowering the barrier to entry for users engaging with various applications through rollups.
Another vital element driving this growth in wallet creation is the extensive activity involving stablecoins. In the last quarter of 2025 alone, transactions involving stablecoins on the Ethereum network exceeded $8 trillion, setting a new record. This substantial level of activity indicates that Ethereum is evolving into a reliable settlement layer, rather than merely functioning as a trading platform.
Despite the price of ETH exhibiting little volatility, Santiment”s data highlights that the creation of new addresses is occurring while the market consolidates. This phenomenon is typically associated with a longer-term adoption trend, rather than short-lived speculative trading. Additionally, institutional investment continues to play a pivotal role in the ecosystem. For instance, Bitmine has staked nearly $4 billion worth of ETH, signaling a sustained commitment from major players within the market.
Together, these trends suggest that the user base of Ethereum is expanding at a faster rate than the price movements would imply. As the market awaits a clearer trajectory, the ongoing activity within the network suggests a buildup of momentum that could lead to significant price movements in the mid to long-term.
