Goldman Sachs: Ethereum's fundamentals are strong, with the average daily new addresses in January far surpassing the "DeFi Summer" period

ZkProver · 2026-02-06T16:31:08+00:00

Cryptocurrencies such as Bitcoin, Ethereum, and Solana have rebounded after a decline. Goldman Sachs points out that on-chain activity for Ethereum and Solana has increased significantly, with Ethereum's new addresses reaching a record high. Currently, Ethereum's market capitalization is below its realized market value, and most holders are at a loss. Experts advise monitoring the stability of ETF capital flows to assess the sustainability of the rebound.

ZkProver

2026-02-06 16:31:08

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ChainCatcher News reports that after a dip earlier on Monday, cryptocurrencies like Bitcoin, Ethereum, and Solana experienced a mild rebound. Interestingly, Goldman Sachs pointed out that despite the weak price performance, on-chain activity paints a different picture, especially on the Ethereum and Solana networks:

· The daily average active addresses, new addresses, and transaction counts on the Ethereum network increased by +27.5%, +26.8%, and +36% respectively compared to the previous period.

· The daily average active addresses and transaction counts on the Solana network grew by +24.3% and +8.2% respectively. The number of new daily addresses on Ethereum hit a new all-time high. In January, an average of 427,000 new addresses were created daily—in contrast, during the “DeFi Summer” of 2020, the average daily new addresses was 162,000. Currently, Ethereum has 1.2 million active addresses daily—based on a 7-day moving average, this is another all-time high.

Goldman Sachs also specifically noted that Ethereum’s current market capitalization has fallen below its realized market value (which is calculated based on the last on-chain transaction price for each token, representing the total cost basis), indicating that most ETH holders are currently at a loss. Digital asset analytics firm BRN’s research director Timothy Misir stated, “For cryptocurrencies, the stability of ETF capital flows is a key signal to monitor. Without this support, a rebound is likely to be unsustainable.”

ETH7.19%

BTC8.1%

SOL11.93%

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