PANews reported on March 11th that, according to CoinDesk, a report released by CryptoQuant shows that despite record-high Ethereum network activity, ETH price and underlying fee revenue have lagged behind. In February, Ethereum's daily active addresses approached 2 million, and smart contract calls exceeded 40 million, both surpassing the peak of the 2021 bull market. However, the price of ETH has fallen by about 30% over the past six months, turning its market capitalization negative for the first time in a year, indicating a net outflow of capital. Exchange flow data shows that ETH is transferring to exchanges faster than Bitcoin, reflecting increased selling pressure.

CryptoQuant believes that current capital flows, rather than network activity, are a better explanation for ETH price dynamics, and the correlation between activity growth and valuation has weakened. In terms of fees, Ethereum generated approximately $10.3 million in transaction fees over the past 30 days, lower than Tron's $25 million and Solana's $20 million; its protocol revenue ranks fifth, behind Tron, Polygon, Base, and Solana. While Ethereum hosts approximately $162 billion in stablecoin supply (representing 52% of the global total), its value capture ability has declined, and the Layer 2 ecosystem has fragmented economic activity.