Analysis: Ethereum on-chain activity hits an all-time high, growth may be driven by spam transactions.

 the historical high in the number of Ethereum on-chain transactions does not seem to stem from genuine user demand but is mainly driven by low-value "address poisoning" scam transactions, which also explains the weak performance of the ETH price.

On-chain data analysis shows that about 80% of the abnormal growth in new Ethereum addresses is related to small stablecoin dust transfers. The reduction in transaction fees after the upgrade has made large-scale spam transactions economically feasible.

The global major asset markets show divergent performance: Bitcoin rose slightly, Ethereum remained basically flat; international gold prices hit record highs due to new rounds of tariff concerns and rising risk aversion; while the Japanese Nikkei index declined under the dual pressure of rising bond yields and political uncertainty.