Krutika Adani
New addresses in the Etheruem blockchain dropped to 87.3k at the end of August as compared to 138k at the end of June. There is also a fall in active addresses from 722k to 615k for the same period.
The fall could be stemming from Ethereum ETFs which make it way more easier to own ETH without actively buying and storing it.
The fall in Ethereum’s price in the same period from $3000 to $2100 also seems to aid to this decline.
Ethereum seems to face a decline in its adoption due to a series of unfortunate events like ETF delays, Grayscale selling ETH, and other events.
ETH needs to cross $3000 to resume its pre-fall bullishness and continue its price rally.