Hidden Metrics Show Strength Behind the Rally
Summary: Ethereum’s network has seen its fee revenue fall to levels not seen since 2017, mainly because Layer-2 solutions now handle most activity and have dramatically reduced costs for users, leading to historic lows in mainnet fee totals.
Even though this seems counterintuitive, major investors and institutions are still accumulating Ether, suggesting confidence in long-term growth rather than short-term speculation.
Market data points like subdued derivatives funding rates alongside rising spot demand show the rally may be driven by genuine buying pressure instead of overheated leverage, hinting that the recent outperformance of Ethereum versus Bitcoin might be sustainable.
