Analysis: Ethereum On-Chain Activity Hits All-Time High, Growth May Be Driven by Spam Transactions
Jinse Finance reported that the historical high in the number of on-chain transactions on Ethereum does not appear to be driven by real user demand, but is mainly fueled by low-value "address poisoning" scam transactions. This also explains the weak performance of the ETH price. On-chain data analysis shows that about 80% of the abnormal growth in new Ethereum addresses is related to small stablecoin dust transfers. After the upgrade, lower transaction fees have made large-scale spam transactions economically viable. Global major asset markets are showing divergent performances: Bitcoin has risen slightly, while Ethereum remains basically flat; international gold prices have reached new historical highs due to concerns over a new round of tariffs and heightened risk aversion; meanwhile, Japan's Nikkei index has declined under the dual pressures of rising bond yields and political uncertainty.
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