According to data, the Ethereum network recently hit a new all-time high (ATH) in the active address indicator, suggesting an uptick in user activity.
30-day MA for Ethereum active addresses reaches new ATH
As highlighted by CryptoQuant Community Analyst Maartunn in his X post, Ethereum active addresses set a new record in 30-day moving average (MA) value. This on-chain indicator tracks the unique total number of addresses participating in some transactional activity on the blockchain each day.
An increase in the value of this metric means that the number of users interacting on the network is increasing. These trends suggest that virtual currencies are gaining attention. On the other hand, a falling indicator suggests that investors may be losing interest in the blockchain and addresses are becoming inactive.
Here, the chart shared by Maartunn shows the trend of the 30-day moving average of Ethereum active addresses over the past 10 years.
Looks like the value of the metric has shot up recently | Source: @JA_Maartun on X
As shown in the graph above, the 30-day moving average of Ethereum active addresses has been rising along with the late 2025 bull market, suggesting increased user activity. A spike in price tends to get investors excited, so it’s not unusual for trading interest to rise along with it.
The graph shows that when the bearish market shift occurs in the last quarter of 2025, active addresses also begin to fall and investors’ attention begins to shift away from the network.
But something unusual has happened so far in 2026. Although Bitcoin fell further during February, the indicator actually spiked along with it, increasing its value to the new ATH.
Historically, cyclical peaks in active addresses have tended to coincide with large bull markets, and bear markets typically see indicator cooldowns. In this way, the latest trends in the Ethereum network are breaking traditional patterns.
In other news, Ethereum spot exchange-traded funds (ETFs) started off in the green earlier, but the net flow trend has reversed to negative over the past two days, as data from SoSoValue shows.
How the US ETH spot ETF netflow has changed over the last few months | Source: SoSoValue
As you can see in the graph above, $136.4 million was outflowed from the US Ethereum Spot ETF in the past day. The day before, more than $55 million had been leaked. Although these spikes in red net flows do not trace back all the inflows that occurred during the initial six consecutive days, they still signal a change in the market winds.
ETH price
At the time of writing, Ethereum is trading at around $2,100, unchanged from a week ago.
Looks like the price of the coin has retraced from its highs | Source: ETHUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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