{"id":93284,"date":"2026-02-24T13:32:55","date_gmt":"2026-02-24T10:32:55","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=93284"},"modified":"2026-02-24T13:32:55","modified_gmt":"2026-02-24T10:32:55","slug":"a-quiet-evolution-why-whales-are-buying-ethereum-ahead-of-glamsterdam-and-hegota","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/a-quiet-evolution-why-whales-are-buying-ethereum-ahead-of-glamsterdam-and-hegota\/","title":{"rendered":"The Silent Accumulation: Whales Bet on Ethereum Before Major Upgrades"},"content":{"rendered":"\n

While traders fixate on charts and the market\u2019s muted reaction to the recent upgrade<\/a>, important shifts are under way on Ethereum. Call it a \u201cquiet evolution\u201d: despite underwhelming price action, on-chain activity is rising.<\/p>\n\n\n\n

On-chain metrics show lower fees and a record number of new addresses. Big players are increasing staking<\/a> positions and ignoring gloom, while the network is running more efficiently.<\/p>\n\n\n\n

Next up are the Glamsterdam and Hegota hard forks<\/a>, meant to make Ethereum more performant and resilient and to lay a firm foundation for future innovation.\u00a0<\/p>\n\n\n\n

This article reviews developers\u2019 plans and weighs the asset\u2019s prospects in light of the forthcoming upgrades.<\/p>\n\n\n\n

A post-Fusaka boost<\/h2>\n\n\n\n

More than a month has passed since the major Fusaka upgrade, but Ethereum still trades far below its August ATH.<\/p>\n\n\n\n

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As of 11.01.2026 Ethereum traded 36% below the ATH reached last August. Source: CoinGecko<\/a>.<\/figcaption><\/figure>\n\n\n\n

Despite the tepid price action, the hard fork delivered foundational improvements to the scalability, efficiency and security of the second-largest crypto network. <\/p>\n\n\n\n

In particular, EIP-7594<\/a> prepared the ground for PeerDAS. It will let validators check small fragments instead of entire BLOB objects, reducing node load and improving data availability.<\/p>\n\n\n\n

In the wake of the upgrade, ETH briefly moved above $3200 (+3%), but over the following month prices changed little.<\/p>\n\n\n\n

Even so, deep changes to the system have boosted on-chain activity, laying a solid base for future updates and prospects for the second-largest cryptocurrency. <\/p>\n\n\n\n

At year-end the Ethereum network set a new record<\/a>: more than 2.2m transfers processed in a single day.<\/p>\n\n\n\n

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Daily transaction count on Ethereum. Source: Etherscan<\/a>.<\/figcaption><\/figure>\n\n\n\n

Despite the heavier load, the average fee is about $0.11.<\/p>\n\n\n\n

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Average transaction fees on Ethereum have been drifting lower despite high on-chain activity. Source: Etherscan<\/a>.<\/figcaption><\/figure>\n\n\n\n

The Fusaka upgrade increased the network\u2019s base throughput by 33%, lifting the gas limit from 45m to 60m per block. The earlier Pectra<\/a> update optimised validator infrastructure and increased staking flexibility.\u00a0<\/p>\n\n\n\n

Glassnode researchers recorded<\/a> a doubling in Ethereum\u2019s activity-retention metric.<\/p>\n\n\n\n

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Dynamics of Ethereum user-activity retention. Source: Glassnode<\/a>.<\/figcaption><\/figure>\n\n\n\n

The number of addresses that were active for the first time during a month jumped from 4m to 8m. Analysts link this to an influx of newcomers who keep using the blockchain after their first transaction. <\/p>\n\n\n\n

On January 15 active address counter exceeded 1m \u2014 twice the level of a previous year (410,000).<\/p>\n\n\n\n

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Active-address count on Ethereum. Source: Etherscan<\/a>.<\/figcaption><\/figure>\n\n\n\n

Technical efficiency is attracting capital: according to Artemis, Ethereum led 2025 by net inflows ($4.2bn).<\/p>\n\n\n\n

Ethereum added $4.2B to lead 2025 net flows pic.twitter.com\/vIVaaYCPwG<\/a><\/p>— Artemis (@artemis) December 29, 2025<\/a><\/blockquote>