2026-01-02 12:23:17

The number of daily transactions just hit a new high of over 1.87 million, with active addresses exceeding 728K — the recent on-chain data performance of the Ethereum network is, to be honest, a bit unusual.

Many people see these numbers and their first reaction is "Is the bull market here?" But my focus is not on FOMO, rather on the fundamental shift in driving forces.

**The Turning Point from Speculation to Utility**

This data surpasses the peak during the NFT and DeFi bubble in 2021, but the context is completely different. Back then, it was crazy speculation under high gas fees; now, the surge is driven by significant reductions in transaction costs and increased scalability due to network upgrades. The ecosystem is shifting from "burning money on gas fees" to "affordable and usable," which is the foundation of a healthy bull market.

**Who are the 2.78 million new addresses?**

Over 270,000 new addresses in a single day — the largest increase since 2018. What does this number reveal? It’s very likely that traditional funds and institutions are opening wallets in preparation for ETF and RWA (Real-World Asset Tokenization) adoption. The gate for incremental capital is opening.

**Infrastructure breakthroughs are coming true**

I’ve always believed that the next cycle’s excess returns will come from "infrastructure innovation driving application explosion." Various upgrades on Ethereum are exactly this infrastructure breakthrough, and the surge in on-chain data proves that smart money and genuine builders are already voting with their feet.

**What to watch next?**

L2 solutions and core infrastructure protocols will continue to benefit from traffic dividends. RWA and related financial protocols may become the next narrative focus. But the most critical indicator remains whether on-chain activity can be sustained — this determines the health of this market rally.

Markets will always fluctuate, but on-chain data already says everything: truly capable builders and institutions are already in action. Hold your positions, focus on the ecosystem value itself, and don’t be distracted by short-term noise.

ETH2.91%

RWA-0.37%

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RugPullAlertBot

· 2h ago

Institutions are really entering the market. Looking at the data for new addresses, it's definitely not retail investors going crazy. --- It's both an upgrade and an L2. Compared to 2021, this time feels different, there's something new. --- People only dare to use when gas fees come down. Honestly, it's still all about the price. --- RWA? Uh... I'll wait and see how long this wave of activity can last before making any judgments. --- 27,000 new addresses. Is traditional finance really here? Or are it just retail investors opening small accounts again? --- Smart money is voting, retail investors are FOMOing. The eternal story. --- I'm getting a bit tired of hearing about ecosystem value. Can you just tell me when it will actually arrive? --- From speculation to practicality? Wake up, this is just the latest narrative.

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degenonymous

· 2h ago

Wait, about the 270,000 new addresses, is it really institutional entry? Or are we about to get cut again?

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SelfStaking

· 2h ago

Hey, this time really is different. The institutional involvement is coming out. --- When gas fees drop, people start using it. Now that's really impressive. --- 270,000 new addresses? It's going to explode. --- With RWA coming, who still plays with air coins? I'm betting on Lido. --- If this continues, L2 will take off, but it depends on how long it can last. --- Don't be fooled by the hot data; you still need to guard your positions. --- Are there institutional funds among the 2.78 million addresses? That's the key. --- The upgrade dividend realization is like this; smart money is already running. --- The bull market is here, but I'm more concerned about how many months the activity can sustain. --- From speculation to practicality, it sounds great, but don't be killed by the story. --- Can we get on the L2 ecosystem train this time, friends?

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SybilAttackVictim

· 2h ago

Institutions are really coming in. The 270,000 new addresses data looks a bit scary... but compared to the pure speculation wave in 2021, this time it definitely feels different. --- Gas fees have become cheaper, and more people are actually using it. The previous wave was just hype. --- Is RWA about to take off? I'm a bit期待 but also afraid of getting割韭菜... --- On-chain data looks good, but I'm worried it might just be the prelude for institutions to come in and割韭菜. --- I've heard countless times that smart money is in action. The key is, how do we普通人跟? --- 2.78 million new addresses... if they are all institutional wallets, that would be interesting. Is traditional finance finally joining in? --- I love hearing that short-term noise shouldn't偏离 this, but why does it feel like this wave is another story being told more beautifully than the fundamentals? --- The infrastructure upgrade兑现的说法还是挺扎实的, after all, gas fees have really become much cheaper. --- L2 is about to take off, but with such a分散的生态, choosing which protocol is also a难题.

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LiquidationAlert

· 2h ago

Wait, is the figure of 270,000 new addresses being artificially hyped up by institutions? Is the actual trading volume really that healthy?

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AirdropLicker

· 2h ago

Wow, 270,000 new addresses in one day? The institutions are really here, not just some FOMO retail investors. --- I've already gone all-in on the L2 wave's dividends, now it's just a matter of how long it can last. --- Sounds nice, but it's just hype when the market is bullish; when it drops, they change their tune. I only look at actual trading volume. --- I really don't understand the RWA part. Can any expert explain it? --- The gas fees dropping so much is really comfortable. It used to cost hundreds of dollars before, now I can trade freely. --- Don't be swayed, everyone. Now anyone dares to say they understand the next narrative. --- The 2.78 million addresses are overestimated; there should be quite a few bot accounts among them. --- Hold your positions, it's easy to say, but it's the same old story. --- This wave is indeed different, not just pure speculation like before; the ecosystem is really being used.

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WealthCoffee

· 3h ago

If this wave of data can really be maintained, that would be awesome. The key is whether it will drop again later. The judgment that smart money is entering is reliable, but can RWA really be implemented? It's a bit uncertain... The decrease in gas fees is the real deal; the previous approach was just ridiculous. 27,000 new addresses. If institutions haven't entered by now, I don't believe it. L2 dividends are indeed top-notch, but don't be brainwashed by the narrative. You still need to look at the fundamentals. That's why I've always been optimistic about infrastructure—I definitely didn't miss the opportunity. 278,000 new additions? Who are they? I want to know how much real inflow there is. If activity can't be maintained, it's all pointless. The highest points in history are the easiest to pull back. I'm a bit less FOMO now; just seriously observing how the ecosystem develops. Brother, your logic is clear. You pointed out the turning points between speculation and practicality quite well. There's too much short-term noise. I just played deaf for a while.

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