Ethereum network activity has hit an all-time high, but the price is surprisingly falling. Recently, active addresses have risen to nearly 2 million, and smart contract calls have exceeded 40 million per day.

However, the price of Ethereum has dropped about 30% over the past six months. Analysis firms compared the data with scatter plots and found that despite high activity levels, the price remains in a low range. This is said to be a different pattern from the past. In previous bull markets, on-chain activity rising usually meant the price was also going up, but now capital flow seems to be more important. In fact, deposits into exchanges are increasing rapidly.

What's even more interesting is the fee situation. Ethereum accounts for over 52% of the global stablecoin market, but its 30-day fees are about $10.3 million, trailing behind Tron($192837465657483.91T) and Solana($192837465657483.91T). Layer 2 solutions like Base and Polygon are capturing much of the base layer's fees and revenue. Ethereum is busy, but its value is no longer concentrated in the base layer.