Recent data reveals Ethereum’s user base is continuing to expand, reaching over 150 million addresses as of September 2025. This growth is driven by smaller wallets holding less than $0.01 ETH, demonstrating widespread retail adoption. 1-100 ETH holdings have also been steadily growing, although they remain significantly lower compared to those with smaller balances. Large wallets exceeding 10,000 ETH have remained mostly static, suggesting a continued concentration of wealth among a select few. Despite this growth, Ethereum’s price is facing short-term volatility, currently trading at around $4,309.84 with slight gains over the past day. However, overall sentiment amongst holders has reached multi-year lows, reaching its lowest point since 2019. This decline coincides with an increase in short-term holding, while long-term holdings have decreased. Historically, this shift has preceded price fluctuations and market instability. While address data indicates continued adoption, the growing divergence in sentiment raises questions about the future of Ethereum’s price action. It remains to be seen how these trends will impact the long-term outlook for Ethereum.