CryptoQuant: Ethereum Network Activity Reaches Record High, but ETH Price and Fee Revenue Perform Poorly

2026-03-11 04:21:32

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Deep Tide TechFlow News, March 11 — According to CoinDesk, the latest report from CryptoQuant 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 by February 2026, the number of 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 net capital outflows.

CryptoQuant analysis states that capital flows, rather than network activity, better explain the current ETH price trend, contrasting with the 2018 and 2021 cycles where on-chain activity and prices rose in tandem.

In terms of 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. 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 network usage growth.

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