Analysis: Ethereum on-chain activity reaches a record high, with growth possibly driven by spam transactions

The record high number of transactions on the Ethereum blockchain does not seem to stem from genuine user demand, but is mainly driven by low-value "address poisoning" scam transactions, which also explains the weak performance of ETH prices. On-chain data analysis shows that approximately 80% of the abnormal increase in new Ethereum addresses is related to small stablecoin dust transfers.
After the upgrade, transaction fees decreased, making large-scale spam transactions economically feasible. The global major asset markets show divergence: Bitcoin rises slightly, while Ether remains flat; due to renewed concerns over tariffs and rising risk aversion, international gold prices hit new record highs; meanwhile, Japan's Nikkei index declines under the dual pressures of rising bond yields and political uncertainty.