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The network saw over 1 million unique active wallets accepting or sending ETH, the second-highest amount in the asset’s history. 
The Ethereum (<a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/">ETH</a>) network registered a spark of activity on Sept. 13, as the number of unique active wallets (UAW) connected to the network hit 1,089,893. 
In an X post, Blockchain analysts at Santiment said this was the second-highest amount of UAW in Ethereum’s 8+ year history, suggesting that such spikes “could be the capitulation signal needed for prices to rebound.” 
<figure class="wp-block-image size-full">
 <img decoding="async" loading="lazy" width="2784" height="1755" src="https://crypto.news/app/uploads/2023/09/F5-doZSaAAAk76j.jpg" alt="Ethereum sees second-highest on-chain activity in history - 6" class="wp-image-14194792">
 <figcaption class="wp-element-caption">
 Daily active addresses interacting with ETH (orange) vs Ethereum price (green) | Source: X
 </figcaption>
</figure> 
The last time the Ethereum network witnessed a spike in on-chain activity was on Dec. 9, 2022, when the amount of UAW set an all-time high at 1.42 million, with <a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a> trading at around $1,265, according to <a href="https://app.santiment.net/charts?settings=%7B&quot;slug&quot;%3A&quot;ethereum&quot;%2C&quot;ticker&quot;%3A&quot;ETH&quot;%2C&quot;from&quot;%3A&quot;2020-04-28T00%3A00%3A00.000Z&quot;%2C&quot;to&quot;%3A&quot;2023-09-14T20%3A59%3A59.999Z&quot;%7D&amp;widgets=%5B%7B&quot;widget&quot;%3A&quot;ChartWidget&quot;%2C&quot;wm&quot;%3A%5B&quot;price_usd&quot;%2C&quot;daily_active_addresses&quot;%5D%2C&quot;whm&quot;%3A%5B%5D%2C&quot;wax&quot;%3A%5B0%2C1%5D%2C&quot;wpax&quot;%3A%5B%5D%2C&quot;wc&quot;%3A%5B&quot;%2326C953&quot;%2C&quot;%23000000&quot;%5D%2C&quot;ws&quot;%3A%7B&quot;0&quot;%3A%7B&quot;interval&quot;%3A&quot;1d&quot;%7D%2C&quot;1&quot;%3A%7B&quot;interval&quot;%3A&quot;1d&quot;%7D%7D%7D%5D" target="_blank" rel="noreferrer noopener">data</a> from Santiment. 
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 <img decoding="async" loading="lazy" width="1410" height="710" src="https://crypto.news/app/uploads/2023/09/nounhsdf.png" alt="Ethereum sees second-highest on-chain activity in history - 7" class="wp-image-14194796">
 <figcaption class="wp-element-caption">
 Daily active addresses interacting with ETH (black) vs. Ethereum price (green) | Source: Santiment
 </figcaption>
</figure> 
<h2 class="wp-block-heading" id="ftx-liquidations-as-a-possible-trigger">FTX liquidations as a possible trigger</h2> 
Although the real reason behind the activity remains unclear, the spark came when U.S. Bankruptcy Judge John Dorsey approved FTX’s request to sell up to $100 million weekly to return funds to its creditors. 
As crypto.news <a href="https://crypto.news/delaware-judge-allows-ftx-to-sell-up-to-100-million-of-coins-every-week/" target="_blank" rel="noreferrer noopener">reported</a>, the ceiling can be increased to $200 million. However, any adjustments will be evaluated on an individual token basis. Before selling high-profile digital currencies such as Bitcoin (BTC) and Ethereum (ETH), the estate must provide a 10-day advance notice to the US Trustee’s office. FTX is set to sell $3.4 billion worth of crypto in total. 
Nonetheless, the crypto market <a href="https://crypto.news/crypto-rally-triggered-despite-ftxs-liquidation-and-us-cpi-hike/" target="_blank" rel="noreferrer noopener">seems to rise</a> despite the US Consumer Price Index (CPI) coming higher than expected and FTX’s liquidation approval. According to data provided by CoinGecko, the global crypto market capitalization rose from $1.031 trillion to $1.086 trillion at the time of writing. This indicates a $55 billion hike despite the two bearish events on Sept. 13. 
 Read more: <a href="https://crypto.news/ethereum-price-can-drop-to-1000-over-ftx-analyst-warns/"> Ethereum price can drop to $1,000 over FTX sell-off, analyst warns </a>

Ethereum sees second-highest on-chain activity in history

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