CryptoQuant's latest report shows that Ethereum network activity has reached record highs across multiple metrics, but ETH prices have still fallen about 30% over the past six months. Data indicates that by February 2026, daily active addresses on Ethereum approached 2 million, surpassing the peak of the 2021 bull market, with smart contract calls exceeding 40 million per day. However, Ethereum's market capitalization change over the past year has turned negative, indicating a net capital outflow from the market. 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 about $1.22 million, ranking fifth. Although Ethereum supports approximately $162 billion in stablecoin supply (accounting for about 52% of the global total), its value capture ability has not kept pace with the growth in network usage. (CoinDesk)

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