You might only see Ethereum prices fluctuating between $3,000 and $3,300, but something truly noteworthy is happening on the chain.

According to data, Ethereum adds approximately 327,000 new wallets daily. On January 11th, the number of new wallets even surged to 394,000, setting a new record for network growth. This is not a fleeting spike caused by a hot event, but a sustained influx of users, indicating genuine market demand is driving it.

Even more interesting, while adoption is accelerating, the price remains firmly stuck in a sideways range. What does this mean? Usage is increasing, but this growth has not yet been reflected in the price. Demand is accumulating, and the price has yet to catch up. Historically, such phases rarely last long.

The arrival of the Fusaka upgrade has changed some things. Layer-2 transaction costs have significantly decreased, efficiency has noticeably improved, and the registration and interaction processes for new users have been simplified. The result is straightforward—more real users are staying on the network rather than just visiting once and leaving.

Looking at another set of data: in Q4 2025, the Ethereum network processed nearly $8 trillion in stablecoin transfers. This is no longer just an internal cycle of the crypto market. It’s global capital settling on Ethereum, using it as real financial infrastructure rather than just speculation.

Daily active addresses remain near historical highs, indicating that current activity is not a short-term craze but ongoing participation by long-term users.

When prices are sideways and market sentiment is calm, the most important signals often come from on-chain data. The underlying metrics are continuously rising, which usually means a trend is brewing. Don’t just focus on candlestick charts; the stories on the chain might be more worth listening to.