Ethereum network activity has significantly increased following the Fusaka upgrade on December 3, 2025, with new addresses rising by 110%. Approximately 292,000 new addresses are being added daily, indicating a strong uptick in user adoption. This growth is attributed to both seasonal factors and the impact of recent structural upgrades. The HODL Waves indicator reveals a rise in mid-term holders, with many investors having accumulated Ethereum between July and October 2025. While early July investors are seeing profits, those who entered later are still at a loss, potentially leading to selling pressure if prices rise.