Analysis: Ethereum active addresses drop to lowest level since May, with network demand and price cooling simultaneously

Jinse Finance reported that CryptoOnchain posted on the X platform that activity on the Ethereum network is cooling down, with the 7-day moving average of active addresses dropping to 327,000, marking the lowest level since May 2025. This figure has contracted significantly from the August peak of 483,000, indicating a clear decline in on-chain participation. During the same period, the price of ETH has pulled back from around $4,800 to approximately $3,100, further confirming the trend of weakening demand. The correlation between price and activity suggests that demand for block space is decreasing, with some retail or short-term participants exiting the market. In a healthy bull market cycle, price increases are usually accompanied by an expansion in network usage, rather than contraction. Therefore, a sustained rebound in the number of active addresses would be a key on-chain signal of renewed demand and momentum.