While exploring the reasons behind the divergence in the user growth and subdued activity levels of Ethereum, BITCIONS points out several key factors. Firstly, the surge in new addresses is partly attributed to the increasing popularity of the cryptocurrency market and the launch of new projects and platforms within the Ethereum ecosystem. Particularly, with the launch of Base and the development of related applications, the interest of new users in the Ethereum platform has significantly increased. However, the decline in active supply reflects that long-term holders may be observing market fluctuations or choosing to hold onto their assets for potential future gains rather than engaging in frequent trading in a high-volatility environment.