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No Influx of New Users for Ethereum Despite Spot ETH ETF Hype: Data

No Influx of New Users for Ethereum Despite Spot ETH ETF Hype: Data
Ethereum, alongside the rest of the crypto market, experienced a notable resurgence in the past several weeks, with its price jumping to a 19-month peak at $2,400. This comes amid growing anticipation regarding the approval of a spot ETH ETF in the States.
However, the second-largest blockchain network has not seen its user count increase, which leads to the question of whether ETH’s price will climb further should that change.
No New Users for Ethereum
As mentioned above, the crypto market seems to have put behind the devastating 2022 crash and bear cycle as the prices of numerous assets, including ETH, have shot up to their highest levels in almost two years. The total crypto market cap has risen by over half a trillion in the past few months.
Ethereum, being the second-largest cryptocurrency by market cap, is among the most popular assets, especially for users aiming for DeFi, NFTs, or other niches that employ the blockchain. However, data from IntoTheBlock shows that there hasn’t been much interest from new users to come on board lately.

Despite the bullish market conditions, Ethereum is not seeing a significant influx of new users. Both the number of new addresses and the new adoption rate show no significant spikes. What do you think this means?

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