TRON has recorded over 4 million active addresses, far exceeding Ethereum’s nearing 1 million, while Bitcoin and Cardano show contrasting activity trends. Bitcoin’s on-chain activity declined due to longer holding periods and increased use of ETFs, custodians, and Lightning Network, with $3.31 billion in ETF inflows in August. Ethereum’s network activity is accelerating despite significant Layer 2 usage. Cardano’s active addresses have fallen sharply since 2021, and ADA recently dropped to $0.196 after briefly reaching $0.254. Analyst Sssebi expects ADA to return to its all-time high of $3.10.
A sharp contrast has emerged in active addresses across Bitcoin, Ethereum, Tron, and Cardano, showing different patterns in network usage. Bitcoin’s count has dropped significantly compared with previous major cycles, even though its price remains far above historical levels.
According to Joao Wedson, founder of Alphractal, this does not necessarily indicate weaker usage. Bitcoin investors now tend to hold for longer and move coins less frequently, while ETFs, custodians, exchanges, and the Lightning Network are being used more often.
US-based spot Bitcoin exchange-traded funds have recorded $3.31 billion in inflows so far in August. Rather than indicating less usage, the trend may reflect Bitcoin’s growing role as a reserve asset, with more activity occurring through financial products.
Ethereum’s network activity has begun to accelerate again, and active addresses are close to reaching 1 million, even with a significant share of the ecosystem operating on Layer 2 networks. This trend evidences that Ethereum remains highly relevant as financial infrastructure.
Tron was found to have recorded more than 4 million active addresses, making it the strongest case among the four networks by this measure. Much of its activity appears to be driven by payments and stablecoins, particularly USDT, rather than speculation around TRX’s price.
Cardano has witnessed its activity fall sharply since 2021 and remains at very low levels compared with its own history. Wedson explained that price can increase because of narratives, liquidity, and speculation, while on-chain activity offers a clearer indication of actual blockchain usage.
Cardano’s weak activity comes after years of criticism over its slow development and struggle to turn technology into broader usage. The network has come under pressure, including a public warning from founder Charles Hoskinson about a ‘wave of failures’ and closures of important dApps.
On the price side, ADA briefly reached $0.254 this month before pulling back to $0.196 at the time of writing. Despite the recent weakness, analyst Sssebi expects ADA to return to its previous all-time high of $3.10 during the coming bull market and believes it could push above that level.
