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

ChainCatcher reports that after a dip earlier on Monday, other cryptocurrencies such as Bitcoin, Ethereum, and Solana experienced 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% respectively month-over-month.

· On the Solana network, the daily average active addresses and transaction counts grew by 24.3% and 8.2% respectively month-over-month. The number of new addresses on Ethereum reached a new all-time high, with an average of 427,000 new addresses per day in January—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, 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 movement price per token, representing the total cost basis), indicating that most ETH holders are currently at a loss. Digital asset analytics firm BRN’s research director Timothy Misir stated, “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.”