Ethereum network activity has hit an all-time high. However, the price of ETH has dropped 30% over t

Ethereum Activity Hits Records but Price Drops 30%—CryptoQuant Points to Capital Flows, Not Usage

Ethereum is busier than ever—but you wouldn't know it from the price. A new CryptoQuant report shows daily active addresses hit nearly 2 million in February, topping the 2021 peak. Smart contract calls are clearing 40 million per day. But ETH is down 30% over six months.

The disconnect? Capital flows. Realized cap annual change has flipped negative, meaning money is leaving the network. That's a shift from 2018 and 2021, when activity and price moved in sync.

Fees tell a similar story. Over the last 30 days, Ethereum pulled in ~$10.3 million in transaction fees—third place, behind Tron and Solana. Protocol revenue? Just $1.22 million, good for fifth. And this despite Ethereum hosting $162 billion in stablecoins (52% of the global market). Usage is up, but value capture isn't keeping pace.