Cryptocurrencies Experience Mild Rebound Amid Increased On-Chain Activity

On February 2, cryptocurrencies such as Bitcoin, Ethereum, and Solana saw a mild rebound following a decline earlier in the week. According to BlockBeats, despite weak price performance, on-chain activity presents a different picture, particularly for the Ethereum and Solana networks. The Ethereum network experienced a significant increase in daily active addresses, new addresses, and transaction numbers, with respective month-over-month growth rates of 27.5%, 26.8%, and 36.0%. Similarly, the Solana network saw its daily active addresses and transaction numbers rise by 24.3% and 8.2%, respectively. Ethereum's daily new addresses reached an all-time high, averaging 427,000 in January, compared to 162,000 during the "DeFi Summer" of 2020. Currently, Ethereum has 1.2 million active addresses daily, based on a seven-day moving average, marking another record high. Goldman Sachs highlighted that Ethereum's current market value is now below its realized market value, which is calculated based on the price at which each token last moved on-chain. This indicates that most ETH holders are currently at a loss. Timothy Misir, Head of Research at digital asset analysis firm BRN, noted that stable ETF fund flows are a critical signal to monitor for cryptocurrencies. Without this support, the rebound is unlikely to be sustainable.