Ethereum Sets User Record As Price Lags Far Behind Network Growth

BlackRock’s staked Ethereum fund pulled in $155 million on its first day of trading — more than the firm’s own Bitcoin ETF managed at launch. That number tells one part of Ethereum’s story in early 2026. Related Reading: UK Slaps Sanctions On $20B Crypto Black Market Tied To Southeast Asia Scam Rings The other part is harder to spin: the token itself has dropped more than 55% from its August 2025 high of roughly $4,953, and it is still falling. A Network Busier Than Ever Daily active addresses on Ethereum climbed toward 2 million in February 2026, surpassing peaks recorded during the 2021 bull market, according to analytics firm CryptoQuant. Smart contract interactions now exceed 40 million per day, and 37 million ETH — close to 30% of total supply — sits locked in staking contracts. Those are not small numbers. They suggest a network that more people are actively using than at any point in its history. But price is not following. Ether has dropped roughly 30% over th