ETH Sees Record Wallet Growth Amid Fusaka Upgrade and Staking Surge

Ethereum's network saw a surge in new wallet creation last week, averaging 327,000 new addresses per day and reaching a peak of nearly 394,000 in one day. This growth is attributed to the Fusaka upgrade, which improved base-layer data handling and reduced transaction costs for layer-2 networks. These upgrades have made the network more accessible for new users and facilitated real-world economic engagement, such as DeFi activity and stablecoin transfers.

The surge in wallet creation coincided with relatively stable ETH prices, suggesting the activity reflects network usage rather than speculative trading. Over $76 billion worth of ETH is now locked in DeFi protocols, indicating increased participation in decentralized finance and staking. Institutional players, including Bitmine, have also staked significant amounts of ETH, with more than 30% of the total supply now locked in staking.

Staking activity on Ethereum has reached an all-time high, with 36 million ETH tokens staked, representing 30% of the total supply. The high demand for staking has led to longer wait times for new participants, with a current entry queue of 2.35 million tokens. This trend reflects growing institutional confidence in Ethereum's long-term utility and security model. The maturation of the staking ecosystem is also supported by corporate treasuries and ETFs injecting liquidity into the network.

Is Ethereum's Wallet Growth a Sign of a 2026 Bull Run?

Ethereum's record-breaking wallet growth mirrors prior adoption waves observed during the DeFi boom of 2020 and the NFT surge of 2021. Historical patterns suggest a lag of 6–12 months between adoption and price movement, positioning Ethereum for a potential 2026 bull run. The Pectra upgrade in Q2 2025 also enhanced scalability and staking efficiency, contributing to a 36.4% price surge at the time.

The Fusaka upgrade is expected to further reduce transaction fees and improve network performance, supporting broader adoption for everyday applications such as DeFi and real-world asset transactions. Institutional adoption and regulatory alignment are reinforcing Ethereum's structural advantages, with over $50 billion in DeFi TVL. These developments could drive Ethereum toward price targets of $6,000–$8,000 by 2026.

What Are the Risks to Ethereum's Growth Narrative?

Despite positive fundamentals, Ethereum faces macroeconomic risks such as potential Trump tariffs and competition from other blockchains like Solana. Additionally, the maturation of the staking ecosystem could lead to higher entry barriers for new participants, given the current wait time of over 40 days to start staking. While the network's developer ecosystem and role in global finance remain strong, market confidence in policy institutions and macroeconomic stability will influence Ethereum's short- and long-term performance.

The rise in satellite services stocks, driven by geopolitical instability, also highlights broader market dynamics that could affect investor sentiment toward digital assets. However, Ethereum's real-world usage, including $8 trillion in stablecoin transfers, supports its long-term potential.

Tom Lee of Bitmine anticipates a multi-year Ethereum supercycle driven by institutional adoption and infrastructure growth, with plans to stake up to 5% of the circulating ETH supply. This perspective suggests a long-term bullish outlook for Ethereum as it transitions from speculative asset to foundational infrastructure.