Key Moments
- Ethereum’s 7-day moving average of daily transactions hit a record 2.023 million on January 4, according to CryptoQuant.
- ETH traded at $3,240, up 2.2% in the past 24 hours and 8.9% over seven days, even as network usage reached new highs.
- Prediction market users currently see gold reaching $5,000 as more likely than Ethereum doing so, although confidence remains stronger for ETH rising to $4,000 than falling to $2,500.
Network Usage Reaches New Peak
Ethereum’s blockchain activity has climbed to record levels. However, price sentiment has lagged behind. On January 4, the 7-day moving average of daily transactions reached 2.023 million, based on CryptoQuant data.
According to Ryan Lee, chief research analyst at Bitget, this surge reflects growing adoption. In particular, he pointed to the rise of real-world asset tokenization. At the same time, a broader market recovery has increased token transfers across the network.
Moreover, Lee highlighted Ethereum’s role as a primary platform for real-world assets. As a result, he said the network is increasingly viewed as financial infrastructure, rather than just a speculative tool.
🔥BULLISH: Ethereum network activity hits a new all-time high, showing strong network growth despite the dip. pic.twitter.com/Uuvpr4FcbV
— Coin Bureau (@coinbureau) January 5, 2026
Price Performance Trails On-Chain Strength
Despite the jump in usage, ETH’s price has not followed at the same pace. Ethereum traded at $3,240, gaining 2.2% over the past 24 hours and 8.9% over the past week, according to CoinGecko.
Lee explained that this gap reflects short-term market dynamics. In particular, he said Ethereum’s valuation remains more sensitive to liquidity and investor sentiment than to on-chain activity alone.
| Metric | Value | Context |
|---|---|---|
| Ethereum daily transactions (7-day average) | 2.023 million | All-time high on January 4 (CryptoQuant) |
| ETH price | $3,240 | Up 2.2% in 24 hours, 8.9% in 7 days (CoinGecko) |
| Gold price (approximate) | $4,460 | Reference level on Myriad prediction market |
| ETH $4,000 vs $2,500 probability | 58% | Up from 43% earlier this year (Myriad) |
Prediction Markets Lean Toward Gold Upside
Even with strong on-chain growth, prediction markets show greater optimism toward gold. With gold trading near $4,460, users on Myriad see a higher chance of it reaching $5,000 than Ethereum doing so in the near term.
That said, sentiment toward ETH remains constructive. Myriad participants assign a 58% probability that Ethereum climbs to $4,000 instead of falling to $2,500. Notably, this is up from 43% at the start of the year.
According to Lee, this preference for gold reflects broader uncertainty. Specifically, he cited geopolitical and macroeconomic risks, rather than a loss of faith in crypto as “digital gold.”
Long-Term Case Tied to DeFi and Tokenization
Looking ahead, Lee said Ethereum’s long-term value rests on its leadership in decentralized finance and real-world asset tokenization. In contrast, gold plays no functional role in these areas.
He also pointed to growing accumulation by long-term holders. As more ETH becomes locked in DeFi and RWA applications, the tradable supply shrinks. Over time, this dynamic could support stronger and more sustainable price growth.
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