Gate News reports that on March 11, CryptoQuant’s latest report shows that Ethereum network activity has reached new all-time highs across multiple metrics, but ETH prices have fallen about 30% over the past six months. Data indicates that in February 2026, daily active addresses on Ethereum approached 2 million, surpassing the peak of the 2021 bull market; smart contract calls exceeded 40 million per day. However, Ethereum’s market capitalization has turned negative on an annual basis, indicating capital outflows. CryptoQuant analysis suggests that capital movement, rather than network activity, better explains the current ETH price trend, contrasting with the on-chain activity and price increases seen during the 2018 and 2021 cycles. Regarding fees, according to DefiLlama data, Ethereum’s transaction fees over the past 30 days are approximately $10.3 million, ranking third behind Tron and Solana; protocol revenue is only $1.22 million, ranking fifth. Although Ethereum supports about $162 billion in stablecoin supply (accounting for 52% of the global market), its value capture ability has not kept pace with network usage growth.
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