Recently, I noticed an interesting phenomenon: on-chain activity on Ethereum has hit a new high, but the ETH price hasn't kept up, currently only around 2.22K, with a 24-hour increase of just over 2%. It feels a bit like internal and external flows are diverging, with on-chain enthusiasm and market recognition out of sync.

What’s more painful is that transaction fees haven't become cheaper either; there's lots of activity but no reduction in costs, which is a bit awkward. The data looks very impressive, but the experience for traders' wallets might be different. Has anyone noticed this contradiction, or is this just a short-term adjustment?