Ethereum Upgrades Fail to Spark Activity: No Surge Despite Optimism

Despite recent upgrades to the Ethereum blockchain, there hasn’t been a significant increase in activity levels, according to a new report from JPMorgan. The bank highlighted that since the Dencun upgrade in March 2024, both average and total transaction fees have decreased, yet daily transaction numbers and active addresses haven’t seen substantial growth. Additionally, futures positions suggest institutional investors are driving the recent surge in ETH prices. On May 7th, Ethereum launched the Pectra upgrade, designed to simplify staking, enhance wallet functionality, and improve overall efficiency.