TechFlow News, March 11: According to a CoinDesk report, CryptoQuant’s latest report shows that Ethereum’s network activity has hit all-time highs across multiple metrics, while ETH’s price has fallen approximately 30% over the past six months.
Data indicates that Ethereum’s daily active addresses reached nearly 2 million in February 2026—surpassing the bull-market peak of 2021—and daily smart contract calls exceeded 40 million. However, Ethereum’s realized market capitalization has turned negative year-on-year, signaling net capital outflow.
CryptoQuant analysis states that capital flows—not network activity—better explain ETH’s current price trajectory, contrasting with the 2018 and 2021 cycles, when on-chain activity and price rose in tandem.
Regarding fees, DefiLlama data shows that Ethereum generated approximately $10.3 million in transaction fees over the past 30 days, ranking third behind Tron and Solana; its protocol revenue stood at just $1.22 million, ranking fifth. Although Ethereum hosts roughly $162 billion in stablecoin supply—52% of the global market—its value capture has failed to keep pace with growing network usage.
