Ethereum Shows Record Usage While Fees Fall Below $1

⬤ Ethereum (ETH) network metrics strengthened significantly as usage surged while costs declined. Quarterly stablecoin transfer volume exceeded $7.5 trillion at the same time average transaction fees fell below $1. The development marks one of the clearest divergences between price performance and network fundamentals in the current crypto cycle.

⬤ The chart shows a persistent rise in value transferred across Ethereum, accelerating into the latest period where activity hit record territory. At the same time, transaction fees kept trending downward after earlier peaks, meaning more value is moving through the network at lower cost. This dynamic reflects record stablecoin growth on Ethereum occurring simultaneously with declining transaction expenses.

More value is moving through the network at a lower cost than ever before.

⬤ The contrast becomes more visible when comparing usage to market behavior. While ETH price performance has stayed relatively muted, blockchain utilization keeps expanding, supported by Ethereum attracting stablecoin inflows and persistently falling Ethereum network fees. The data points to increasing settlement activity rather than speculative spikes.

⬤ The coexistence of rising adoption and decreasing transaction costs underscores a phase where valuation and underlying activity move in different directions. If network usage keeps expanding while costs stay low, market dynamics around Ethereum may increasingly be shaped by fundamental adoption metrics rather than short-term price swings.