Ethereum Bounces 6%, But Wall Street Hasn't Bought a Single Day Since September

The Ethereum price has gained roughly 6% this week and is testing key resistance near $2,439. However, US spot ETF investors have not posted a single day of net inflows since September 29, according to Glassnode. Some traders argue that institutional adoption has outpaced the price. On-chain data, however, points to fading demand behind the latest move. Ethereum On-Chain Data Flashes Warning Signs The 14-day moving average of active Ethereum (ETH) addresses fell to roughly 365,000 on October 17, Glassnode data shows. That was its lowest reading since December 2025. The metric has since recovered only slightly, to near 375,000. It is now drifting back toward the October low. The decline looks steeper against the February 9 peak of nearly 800,000.

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