New users are flocking to Ethereum and long-term holders are less active than ever.
Long-term holder of Ethereum Ethereum 
ETH
+0.90%
According to data from The Block, Ether’s active supply, or the supply moved from one wallet to another within a certain period of time, is currently at a historic low for more than a year. 30-day and 90-day active supply is also near record lows, more than half off its peak.
While active Ethereum supply has decreased by about 9% over the past 12 months, active Bitcoin supply has also recovered after hitting an all-time low, ending the period up about 1% for the first time in a year. – Years of active supply. Bitcoin’s recovery has significantly narrowed the wide gap that once existed in active supply between the top two cryptocurrencies by market capitalization.
While long-term Ethereum users are showing low activity, enthusiasm for Base has reached record levels, but new users appear to be flooding into the Ethereum ecosystem. Last month, Ethereum added 3.66 million new addresses, the highest since November 2021, the month of FTX’s collapse.
Ethereum also underwent a Dencun upgrade last month, introducing “blobs” to lower layer 2 network transaction costs.
This has resulted in an increase in the number of active addresses on the network, as measured by a 7-day moving average, suggesting that the new activity is enough to compensate for the more conservative behavior of long-term holders.
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