Goldman Sachs: Ethereum's fundamentals are strong, with the average daily new addresses in January far surpassing the "DeFi Summer" period

BlockBeats News, February 2 — After experiencing a dip earlier on Monday, cryptocurrencies like Bitcoin, Ethereum, and Solana saw a mild rebound. Interestingly, Goldman Sachs pointed out that despite the weak price performance, on-chain activity paints a different picture, especially on the Ethereum and Solana networks:

· The daily average active addresses, new addresses, and transaction counts on the Ethereum network increased by +27.5%, +26.8%, and +36.0% respectively.
· The daily average active addresses and transaction counts on the Solana network increased by +24.3% and +8.2% respectively.

Ethereum’s daily new address count hit a new all-time high. In January, the average daily new addresses reached 427,000 — compared to 162,000 during the “DeFi Summer” of 2020. Currently, Ethereum has 1.2 million active addresses daily — based on a 7-day moving average, this is another all-time high.

Goldman Sachs also specifically noted that Ethereum’s current market capitalization has fallen below its realized market value (which is calculated based on the last on-chain transaction price per token, representing the total cost basis). This indicates that most ETH holders are currently at a loss.

Timothy Misir, Head of Research at digital asset analytics firm BRN, said: “For cryptocurrencies, the stability of ETF capital flows is a key signal to monitor. Without this support, a rebound is likely to be difficult to sustain.” (zerohedge)