CryptoQuant: Ethereum network activity hits an all-time high, but ETH price and fee revenue perform poorly

According to CoinDesk, CryptoQuant's latest report shows that Ethereum network activity has reached historical highs on multiple metrics, but the price of ETH has dropped about 30% over the past six months. Data indicates that the number of daily active addresses on Ethereum is close to 2 million, surpassing the peak during the 2021 bull market; the number of smart contract calls has exceeded 40 million per day.

However, Ethereum has seen its annual market cap change turn negative, indicating a net outflow of capital. CryptoQuant's analysis suggests that capital flow, rather than network activity, better explains the current ETH price trend, contrasting with the synchronous rise of on-chain activity and price during the cycles of 2018 and 2021.

In terms of fees, according to DefiLlama data, Ethereum's trading fees over the past 30 days were approximately $10.3 million, ranking third, behind Tron and Solana; protocol revenue was only $1.22 million, ranking fifth. Despite Ethereum supporting about $162 billion in stablecoin supply (accounting for 52% of the global market), its value capture ability has not kept pace with the growth in network usage.