Ethereum (ETH) has lost 3.5% in the past 24 hours amid escalating geopolitical tensions, yet on-chain metrics from Santiment show the network is adding users and processing transactions at levels rarely seen in its history.
Ethereum Network Activity
President Donald Trump's remarks on Iran triggered broad volatility across crypto, equities and oil markets. ETH fell to around $2,047 on the selloff.
Despite the decline, Santiment data shows daily active addresses near 788,000. The network is adding roughly 255,000 new addresses each day, a pace that suggests user adoption has not stalled during the drawdown.
Also Read: Bitcoin Goes Below $67K After Trump Vows To Bomb Iran To 'Stone Ages'
ETH Accumulation
Exchange data adds another layer to the picture.
According to Glassnode, ETH held on centralized exchanges has dropped to roughly 11%, down from 32% in June 2020. The decline in exchange reserves accelerated sharply in early 2026, extending a trend that began in 2022.
"Less ETH on exchanges = less immediate sell pressure. Holders are pulling it off and keeping it. At $2K ETH, people aren't selling. They're accumulating," analyst Leon Waidmann said.
Read Next: Ethereum Drops Below $2,120 As Bears Regain Control