Goldman Sachs: Ethereum's fundamentals are strong, with an average daily increase in new addresses in January far exceeding the 'DeFi Summer' period According to BlockBeats, on February 2nd, other cryptocurrencies such as Bitcoin, Ethereum, and Solana experienced a mild rebound after falling earlier on Monday. Interestingly, Goldman Sachs pointed out that despite weak price performance, on chain activity paints a different picture, especially for Ethereum and Solana networks: ·The daily active addresses, new addresses, and transaction numbers of the Ethereum network increased by+27.5%,+26.8%, and+36.0% month on month, respectively. ·The daily active addresses and transaction numbers of Solana network increased by+24.3% and+8.2% respectively month on month. The daily number of new addresses added on Ethereum has reached a historic high. On average, 427000 new addresses were added daily in January - compared to the average of 162000 new addresses added daily during the "DeFi Summer" period in 2020. Currently, Ethereum has 1.2 million active addresses per day - another historical high based on the 7-day moving average. Goldman Sachs also specifically pointed out that the current market value of Ethereum is now lower than its realized market value (i.e. the total value calculated based on the price of each token at the last move on the chain, representing the total cost basis), which means that most ETH holders are currently in a loss making state. Timothy Misir, the research director of BRN, a digital asset analysis company, stated that for cryptocurrencies, the stability of ETF fund flows is a key signal that needs to be monitored. Without this support, the rebound is likely to be difficult to sustain. (Zerohedge)