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

What happened

Ethereum gained roughly 6% this week and tested resistance near $2,439, while US spot ETF investors recorded no day of net inflows since September 29, according to Glassnode. Active mainnet addresses fell to about 365,000 on October 17 and remained roughly 25% to 30% below their spring range.

Confirmed

Global impact / market context

If weak network participation persists, fewer active users could mean less transaction demand and lower activity-related revenue for businesses operating on Ethereum. The lack of ETF inflows also removes one visible source of investor buying, potentially limiting support for the price even as it rises.

Analyst inference

Ethereum’s roughly 6% weekly gain has come alongside declining active-address readings and no recorded daily net inflows to US spot ETFs since September 29. This divergence suggests the rally has not been matched by broader mainnet use or buying through these funds, although Layer-2 activity is excluded.

Analyst inference

What to watch

1. Track whether active mainnet addresses recover from roughly 375,000 toward the spring range of 500,000 to 550,000; sustained growth would indicate more network participation and potential transaction demand. Analyst inference
2. Watch for US spot Ethereum ETF net inflows after September 29; renewed buying would provide a direct fund-based demand signal that could support Ethereum purchases. Analyst inference
3. Compare price changes with active-address readings, noting that this measure excludes Layer-2 networks; a gap may mean the reported data misses some Ethereum-related activity. Confirmed

Affected assets

• ETH — Ethereum

Evidence

• beincrypto.com