Ethereum is recording a record on-chain activity lately, and some people are analyzing whether part of this movement is truly growth or just spam inflating the numbers. A study has been released pointing to this possibility.

The 24-hour volume is around $202 million, nothing extraordinary in terms of price, but on-chain activity remains accelerated. When you see these peaks, there's always that doubt: is it real adoption or noise?

The interesting thing is that on the Asian scale, this is generating quite a bit of movement. Several operations are happening simultaneously that could be related to this apparent growth. It's worth paying attention because Asia's scale is becoming increasingly important to market dynamics.

Basically: record activity indeed, but not everything might be gold. You need to separate the signal from the noise. Asia's scale will be decisive in understanding whether this sustains or if it's just a spam bubble.