Ethereum Active Addresses surpassed Bitcoin for the first time near the crypto market’s latest all time high region, and ETH has remained above BTC ever since. This matters because Active Addresses are a useful proxy for how much activity is actually taking place across a network. They do not represent unique users perfectly, but they help reveal changes in participation, transaction activity and attention between ecosystems. The crossover therefore marked an important shift: while Bitcoin was trading near record levels, Ethereum was experiencing a significant expansion in on chain activity. The picture is starting to change again. Bitcoin Active Addresses are currently relatively stable around their recent range, while Ethereum Active Addresses have begun to decline after the strong expansion that pushed ETH above $BTC . Ethereum still remains ahead, but the momentum behind that activity is clearly weakening. The key question is not simply whether $ETH has more active addresses than BTC. It is whether Ethereum can sustain this elevated level of network activity while Bitcoin remains stable. The first crossover happened near the market highs. Now ETH activity is losing momentum. That divergence is worth watching closely.