A combination of protocol-level upgrades, stablecoin activity, and a shift in crypto sentiment has helped push Ether wallet creation to its highest levels in history.
Over the last week, an average of 327,000 new wallets have been created per day, with Sunday recording the highest number ever for a single day at over 393,000, Santiment analysts said in an X post on Tuesday.
New wallets can signal that fresh users, developers, or institutions are entering the ecosystem.
Data also shows that non-empty Ether wallets are now at 172.9 million, which is also at an all-time high.
Ether (ETH) is currently $3,330, up 7.5% in the last 24 hours after moving between $3,068 and $3,292 in the last week, according to CoinGecko.
Santiment analysts suggest the surge in new wallets could partly be because of the Fusaka upgrade in December, which “made using Ethereum cheaper and easier,” by improving data handling on-chain and cutting the cost of posting information from L2 networks back to Ethereum.
“This reduced fees and made interacting with apps and rollups smoother, encouraging many new users to open wallets and start using the network,” they said.
Crypto sentiment shift and stablecoins
Along with the major protocol upgrade, Ethereum may also be benefiting from general sentiment improvement as investors and developers reset their strategies in the new year.
Santiment analysts said holder sentiment shifted from negative to neutral and positive in mid-December, “which often coincides with more retail users signing up and creating addresses.”
There was also more interest from new users to enter the ecosystem to explore DeFi, non-fungible tokens and other apps toward the end of the year.
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A spike in stablecoin transfers on Ethereum in late 2025 could also be a factor, as it showed the “network was being actively used for payments and settlements,” according to Santiment.
“This kind of real financial activity tends to bring in new participants who create wallets to send, receive, or hold stablecoins and other tokens.”
More than half of all Ether is in staking
More than half of the total supply of Ether is in staking contracts, according to on-chain analytics platform Nansen. The ETH2 Beacon Deposit Contract holds over 77 million tokens, representing the total of validator stake deposits used to secure the network.
Crypto exchange Binance holds nearly 4 million Ether in its wallets on behalf of users, while fellow exchange Coinbase has around 2.3 million.
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