Evernorth's second-quarter report presents a set of seemingly contradictory figures: the average daily trading volume on the order book of ledger $XRP rose to 3.57 million units, up 79% year over year (about 1.99 million in the same period last year); but the number of active accounts actually placing orders each day fell from more than 1,800 to about 1,100, down 40% year over year. With fewer participants and higher volume, the average daily trading volume per account is now nearly triple what it was before. Over the same period, the value of assets hosted on XRPL surpassed $4 billion. This is not retail users returning, but rather the user structure of the ledger undergoing a reshuffle: small accounts are exiting, while addresses used for institutional settlement and large-value matching are becoming more dominant. The upside is depth and efficiency; the downside is that when participation becomes too concentrated, if one or two big players pull out, liquidity can look very weak. Looking at a chain like $XRP , which markets itself on payments and settlement, would you care more about the number of active addresses, or the actual settlement volume?