Rei Researcher2026-06-23

The price of $ETH has corrected quite a bit, but why does the on-chain number of active wallet addresses remain high?

- Looking at the active address data of $ETH from CryptoQuant, we can see a very clear divergence between Price and Network Activity: - The sharp decline from the peak to the current price zone reflects an extremely bleak bear market. However, in stark contrast, the network has not cooled down but instead maintains its high mark. Even since the beginning of 2026, the number of active addresses has continuously experienced explosive waves exceeding the 800K - 1M mark. - The deep price drop triggers mandatory risk management activities (depositing additional collateral, repaying debt to avoid liquidation on Aave, MakerDAO...). - Sharp declines are opportunities for Smart Money to accumulate $ETH at a discounted price, executing asset withdrawals from CEXs to individual storage wallets. Despite the L2 boom, Ethereum remains the center for security and liquidity rotation. The demand to maintain yield positions (EigenLayer, Liquid Staking) keeps users staying instead of leaving the market like in previous cycles. - The price might be bleak in the short term, but the "stickiness" and practical utility of Ethereum are still at a very high level.