Data suggests much of the recent spike in Ethereum transactions is tied to address poisoning, a scam that relies on cheap “dust” transfers to contaminate transaction histories rather than organic user demand.

What to know:

  • Ethereum’s record onchain transaction counts appear to be driven largely by low-value “address poisoning” scams rather than genuine user demand, helping explain ETH’s muted price performance.

  • Onchain analysis shows that roughly 80% of the unusual growth in new Ethereum addresses is tied to tiny stablecoin dust transfers, enabled by lower post-upgrade fees that make large-scale spam economically viable.

  • Broader markets were mixed, with bitcoin edging higher, ether little changed, gold hitting a record on renewed tariff and safe-haven fears, and Japan’s Nikkei slipping amid rising bond yields and political uncertainty.

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