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

By: rootdata|2026/03/11 12:44:25
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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.

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