Ethereum hits 989.5K active addresses as ETF demand rises

Ethereum just recorded 989,500 active addresses in a single 24-hour window, according to Santiment data. That’s close enough to 1 million to make the network look like it’s having its busiest stretch in years, driven by a cocktail of ETF inflows, DeFi activity, and growing wallet engagement.

The number represents unique addresses that either sent or received a transaction on the Ethereum network within that period. Think of it as a rough headcount for how many people (or bots, or smart contracts) actually showed up and did something on-chain, rather than just holding tokens in cold storage.

The ETF engine

A major catalyst behind the spike is renewed appetite for US spot Ethereum ETFs. Net inflows into these products hit approximately $245 million during a single week in early August, extending a streak of five consecutive positive weeks.

BlackRock’s iShares Ethereum Trust, trading under the ticker ETHA, and Fidelity’s Wise Origin Ethereum Fund (FETH) have been the primary magnets for that capital.

A volatile year for on-chain metrics

The 989,500 figure is impressive, but it sits within a broader 2026 narrative that’s been anything but smooth. Earlier this year, Ethereum’s 30-day moving average for daily active addresses peaked at 785,000 in January, which marked a 10-year high on that smoothed metric.

Raw daily counts told an even more dramatic story. On several days in early 2026, the figure approached or exceeded 1 million, suggesting bursts of intense activity separated by quieter stretches. By August, the averages had consolidated into the 400,000 to 500,000 range, making this latest reading of nearly 990,000 a significant departure from the recent baseline.

DeFi and tokenized assets pulling their weight

ETFs aren’t doing this alone. Decentralized finance protocols continue to be a reliable source of Ethereum network transactions. Every swap on a decentralized exchange, every loan taken on a lending platform, every yield farming position adjusted: all of these register as active address interactions.

Tokenized real-world assets have added another dimension. As more traditional financial instruments get representation on Ethereum’s ledger, the network handles a growing volume of transactions that would have previously lived entirely within TradFi plumbing.

What this means for the market

A near-million active address day carries implications beyond bragging rights. Higher network utilization typically correlates with increased fee revenue for validators, which supports Ethereum’s staking economics. When more gas is burned through EIP-1559’s fee mechanism, ETH’s net issuance decreases, adding a deflationary tailwind to the asset’s supply dynamics.

The competitive landscape matters too. Ethereum’s ability to sustain near-million-address days while Layer 2 networks siphon off an increasing share of transaction volume suggests the base layer still commands significant direct usage.

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