A Citibank analysis points out that the recent record-breaking daily trading volume and active address count on Ethereum are very likely caused by "address poisoning" scams rather than genuine user growth. The bank noted a surge in transactions below $1, which is a typical characteristic of such scams: attackers use forged addresses to send small amounts of funds to deceive users. This artificially inflates network metrics, contrasting with a slight decline in on-chain activity on Bitcoin. Despite the surge in trading volume after the upgrade, JPMorgan remains skeptical about Ethereum's ability to sustain growth amid competition from layer 2 network solutions.

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