Ethereum Sees 110% New Address Growth Post-Fusaka Upgrade, Solana Treasury Expansion and BlockDAG Presale Signal Market Shift

Ethereum’s network activity surged in early 2026 following the December Fusaka upgrade, with new address creation rising 110% to nearly 292,000 per day. The upgrade introduced PeerDAS, a key technical improvement aimed at enhancing data availability and lowering Layer 2 costs. Analysts suggest this reflects structural adoption, not just short-term speculative activity.

Solana’s ecosystem is also gaining traction. Galaxy Digital, Multicoin, and Jump Crypto are collaborating to raise $1 billion for a Solana treasury, building on the network’s recent growth in adoption and transaction volume. The move aims to strengthen Solana’s position as a major player in the crypto space.

Meanwhile, Bitmine Immersion Technologies announced its Ethereum holdings reached 4.144 million tokens, with total crypto and cash holdings amounting to $14.2 billion. The company highlighted the strategic significance of Ethereum’s role in tokenization and long-term investment strategies.

Barclays recently entered the stablecoin space by acquiring a stake in Ubyx, a U.S. stablecoin settlement company. This move aligns with the bank's exploration of digital money opportunities, including potential joint efforts to issue G7-currency-pegged stablecoins.

Why Did This Happen?

The Ethereum Fusaka upgrade has directly lowered Layer 2 operational costs, making it cheaper for users and developers to interact with the network. Analysts say this reduces barriers to adoption and supports broader usage of DeFi and consumer applications.

In the Solana ecosystem, the joint $1 billion treasury initiative represents a strategic response to growing demand for blockchain-based financial products. The project's backing from major crypto firms like Galaxy and Jump suggests confidence in Solana's scalability and performance.

Bitmine's Ethereum accumulation strategy aligns with its broader vision of long-term investment in digital assets. The company emphasized Ethereum's growing role in tokenization and its potential to drive higher valuations for ETH.

How Did Markets React?

Ethereum's rising address creation has historically correlated with increased transaction volume and liquidity depth. The current surge in on-chain activity suggests broader adoption is occurring, supported by infrastructure improvements.

Barclays' investment in Ubyx marks a significant institutional move into the stablecoin space. The bank's commitment to regulated digital money initiatives has been welcomed as a sign of growing mainstream acceptance for blockchain technology.

Analysts at Bernstein anticipate a $150,000 price for Bitcoin in 2026 and see Ethereum as a key beneficiary of the tokenization trend. They expect Ethereum to play a dominant role in tokenized deposits and stablecoins, supported by institutional interest.

What Are Analysts Watching Next?

Market participants are closely monitoring whether Ethereum's new address growth leads to sustained transaction activity and higher fees. Analysts suggest this could be a key indicator of long-term network health.

On Solana, the success of the $1 billion treasury initiative will depend on how quickly it is funded and its impact on network usage and transaction fees. Early signs suggest strong demand from institutional investors.

Bitmine's shareholders are being asked to approve a share split and an increase in authorized shares, which could affect its valuation as Ethereum prices rise. The company's long-term strategy hinges on maintaining accessibility to retail investors.

Barclays' investment in Ubyx is part of a broader industry shift toward tokenized money. Analysts are watching for further regulatory clarity, as stablecoins and tokenized deposits face evolving compliance requirements.

Analysts at Bernstein predict a "tokenization supercycle" in 2026, with stablecoin supply expected to grow significantly. They see this as a major opportunity for financial institutions and fintech players seeking to integrate blockchain technology.

Investors are also watching whether Bitcoin's potential $150,000 price target leads to a broader recovery in the crypto market. Ethereum's performance will be particularly important, as it stands to benefit from tokenization and cross-border payment demand.