ChainCatcher reports that after earlier declines on Monday, Bitcoin, Ethereum, and other cryptocurrencies like Solana experienced a modest rebound. Interestingly, Goldman Sachs points out that despite the weak price performance, on-chain activity paints a different picture, particularly on the Ethereum and Solana networks:
• The daily active addresses, new addresses, and number of transactions on the Ethereum network increased by 27.5%, 26.8%, and 36% respectively compared to the previous period.
Solana network's daily active addresses and transactions increased by 24.3% and 8.2% respectively month-over-month. Ethereum's daily new address count hit a record high. January saw an average of 427,000 new addresses added daily—compared to 162,000 during the "Summer of DeFi" in 2020. Ethereum currently has 1.2 million daily active addresses—another record high based on a 7-day moving average.
Goldman Sachs also specifically pointed out that Ethereum's current market capitalization is now lower than its realized market capitalization (i.e., the total value calculated based on the price of each token at the time of its last on-chain movement, representing the total cost basis), meaning that most ETH holders are currently at a loss. Timothy Misir, Head of Research at digital asset analytics firm BRN, stated, "For cryptocurrencies, the stability of ETF inflows is a key signal to monitor. Without this support, the rally is likely to be unsustainable."
