ETH may not be making daily fireworks in price, but on-chain is clearly accelerating. Glassnode shows a jump that looks like an influx of fresh blood into the network.

Stablecoins are driving traffic in Ethereum

According to Glassnode data, in the last 30 days, the 'activity retention' in the cohort of new addresses has significantly increased — from around 4 million to around 8 million. This is important because it suggests an influx of wallets that have actually started using Ethereum, rather than just 'old accounts doing more of the same.'

This includes a record daily transaction count of 2.8 million, which signifies a clear year-over-year increase. Concurrently, the number of active addresses is rising, and the market is increasingly pointing to stablecoins as a driver: declining fees and the rising utility of Ethereum as a settlement layer favor payments and transfers.

In the background, there are also ETFs and a general return of institutional narrative around ETH. If the fundamentals continue to improve, the market may attempt to play out a 'revaluation' scenario—with technical targets in the range of 3600–3700 USD as the next test.