Analysis: Ethereum's Pectra upgrade has not yet attracted new or returning users, but the user churn rate has decreased

Glassnode posted on the X platform that Ethereum's Pectra upgrade has not yet translated into a surge in network engagement. Since the upgrade, the average number of newly added addresses and reactivated addresses has decreased compared to the year to date values (by 1.8% and 8.4% respectively), but the user churn rate has also significantly decreased (by 8.5%). The Pectra upgrade has not yet attracted new or returning users, but the user churn rate has decreased. It remains to be seen whether this reflects the effectiveness of network upgrades or a broader cyclical trend.