Santiment data shows Ethereum’s 30-day average daily active addresses stand at 837,200 as of early March 2026, up 82% from five years ago and 1,135% from ten years ago, while new wallet creation runs at 284,800 per day, 64% higher than five years ago.
The Disconnect
Ethereum is trading near $2,090. That is down roughly 58% from the November 2025 cycle high above $4,900. By price-based metrics, Ethereum is in a significant correction. By network activity metrics, it is at historically high levels.
837,200 daily active addresses at the 30-day average means the Ethereum network is being used by more unique addresses per day than at any point in the prior five years except the peaks of the 2021 cycle. The chart shows the 10-year history of this metric. The current reading, visible on the right side, is not at the extreme peaks of late 2021 and early 2022. But it is well above the baseline of every period that preceded those peaks, including the months leading into the 2020 to 2021 bull run.
284,800 new wallets created per day is the network growth figure. New wallet creation tracks genuine new user onboarding more cleanly than active addresses, which can include existing holders who are simply transacting more. 284,800 new addresses per day, sustained over a 30-day period, means approximately 8.5 million new Ethereum wallets created in February 2026. That is adoption.
The Historical Comparisons
Both metrics are presented with five-year and ten-year comparisons. Five years ago is early 2021. Ten years ago is early 2016, when Ethereum was a fraction of its current size.
The 82% increase in daily active addresses from five years ago matters in context. Early 2021 was not a low point for Ethereum activity. It was the beginning of one of the largest bull cycles in crypto history, with NFTs, DeFi summer, and institutional adoption all driving engagement. The network is 82% more active now than it was entering that cycle. With the price down 58% from recent highs.
The 64% increase in daily new wallet creation from five years ago reflects that onboarding continued through the 2022 to 2023 bear market, through the 2024 to 2025 bull run, and has not stopped during the current correction. New users are still arriving.
Why It Matters at $2,090
The $2,000 level is a psychological threshold and a technical one. ETH briefly touched it during the correction before recovering to the current $2,090 range. The question from a fundamental perspective is whether the network activity that supports the asset justifies a recovery or whether the price will continue compressing.
Network activity at these levels, combined with the 31.6 million ETH exchange withdrawal figure covered earlier, and the $116.9 million in ETF inflows for the prior week, describes a network that is being used more than ever, losing ETH from exchange supply, and seeing institutional inflows return. Three separate datasets pointing toward the same read on Ethereum fundamentals at the same price level.
Price and fundamentals diverge routinely in crypto. They tend to converge eventually. The divergence between ETH price down 58% from highs and network activity 82% higher than five years ago is either an opportunity or a warning that something structural has changed in how activity translates to value. The data alone does not resolve which interpretation is correct.
