Report: Ethereum transaction activity hits an all-time high, but ETH price and blockchain fees lag behind

According to CoinDesk, a report released by CryptoQuant shows that despite Ethereum network activity reaching an all-time high, the performance of ETH prices and underlying fee revenue has lagged behind.

In February, the daily active addresses on Ethereum approached 2 million, and smart contract calls exceeded 40 million, both surpassing the peak levels of the 2021 bull market. However, the price of ETH has dropped by about 30% over the past six months, resulting in a negative market capitalization for the first time in a year, indicating a net capital outflow. Exchange flow data shows that ETH is moving to trading platforms faster than Bitcoin, reflecting increased selling pressure. CryptoQuant believes that current capital flows, rather than network activity, better explain the dynamics of ETH prices, and the correlation between activity growth and valuation has weakened.

In terms of fees, Ethereum generated about $10.3 million in transaction fees over the past 30 days, lower than Tron’s $25 million and Solana’s $20 million; it ranks fifth in protocol revenue, behind Tron, Polygon, Base, and Solana. Although Ethereum hosts about $162 billion in stablecoin supply (accounting for 52% of the global total), its value capture ability has declined, and the Layer 2 ecosystem has dispersed economic activity.