Ethereum has once again proven its dominance in network adoption, leading the entire crypto landscape with an all-time high of 160.4 million non-empty wallets, according to new data released by on-chain analytics firm Santiment on October 10.
The report highlights that while market volatility has persisted, user participation across major networks continues to expand steadily, a signal of enduring interest despite price consolidation.
Ethereum widens the adoption gap
Santiment’s latest figures show Ethereum commanding a massive lead in active wallet count, far outpacing Bitcoin’s 56.9 million. The data positions Ethereum as not only the largest smart contract platform but also the most widely held digital asset across decentralized ecosystems. Analysts attribute this growth to ongoing expansion in DeFi applications, NFT transactions, and layer-2 scaling solutions, which continue to bring millions of new users on-chain.
In comparison, Tether (8.9 million wallets) and Dogecoin (8.1 million) followed at a distant third and fourth place, underscoring the stablecoin and meme coin sectors’ staying power. Other top projects, including XRP (7.1 million), Cardano (4.5 million), and Chainlink (802,500), also registered consistent wallet growth throughout 2025, a sign that network usage remains diversified across different sectors of the market.
User growth outpaces price action
Even as token prices fluctuate, the steady increase in non-empty wallets reflects expanding on-chain participation. Recent data from Glassnode supports this narrative, showing that both Ethereum and Bitcoin wallet creation rates have climbed 7% month-over-month, suggesting that long-term investors are quietly accumulating positions during periods of lower volatility.
Broader signals of crypto resilience
The timing of this growth aligns with renewed institutional interest in tokenization and blockchain infrastructure in Asia and the U.S. This week, State Street and Fidelity both reaffirmed plans to expand digital asset custody solutions, developments that analysts say could reinforce user confidence and accelerate global adoption.
With Ethereum surpassing 160 million active holders, the network continues to define crypto’s participation frontier, reaffirming that genuine on-chain engagement remains the most reliable measure of the industry’s long-term strength.