According to CoinDesk, CryptoQuant’s latest report shows that Ethereum network activity has reached all-time highs across multiple metrics, yet the price of ETH has declined by approximately 30% over the past six months. Data reveals that in February 2026, Ethereum’s daily active addresses neared 2 million, surpassing the peak of the 2021 bull market, while smart contract invocations exceeded 40 million per day. However, Ethereum’s realized market cap has turned negative year-over-year, indicating net capital outflows. CryptoQuant analysis suggests that capital flows, rather than network activity, better explain Ethereum’s current price movement—a contrast to the 2018 and 2021 cycles, where on-chain activity and price rose in tandem. Regarding fees, according to DefiLlama, Ethereum’s transaction fees over the past 30 days totaled approximately $10.3 million, ranking third behind Tron and Solana; protocol revenue amounted to just $1.22 million, placing fifth. Despite hosting about $162 billion in stablecoin supply—52% of the global market—Ethereum’s ability to capture value has not kept pace with its growing usage.
Ethereum network activity reaches all-time high, but ETH price and fee revenue trail behind
TechFlowShare
Summary
Ethereum network activity reached a new all-time high in February 2026, with daily active addresses nearing 2 million and smart contract calls exceeding 40 million per day. Despite this surge, Ethereum’s price today remains approximately 30% lower than six months ago. The realized market cap for ETH has turned negative, signaling capital outflows. While on-chain usage remains robust, price trends are more closely linked to capital flows than activity levels. Ethereum’s 30-day transaction fees totaled $10.3 million, with protocol revenue at $1.22 million. The network holds $1.62 trillion in stablecoins but has failed to convert this into higher value capture.
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