Key Points:
Ethereum fees and DApp activity have surged, surpassing Tron and Solana.
ETH derivatives data shows caution, but the increase in institutional reserves strengthens the long-term bullish outlook for ETH.
Despite Ethereum (ETH) dropping 15% since hitting an all-time high on August 24, its price has consistently held around the $4,300 level. This round of correction coincides with an overall adjustment in the cryptocurrency market, possibly reflecting a deteriorating macroeconomic environment. Although derivatives indicators show insufficient optimism, several core on-chain metrics suggest that ETH is likely to break through $5,000 in the short term.
U.S. President Trump’s negative comments regarding business relations with India have affected investor sentiment. When Trump made his remarks, Indian Prime Minister Narendra Modi had just met with the leaders of China and Russia. The tech-heavy Nasdaq index fell 1.3%, while gold reached an all-time high driven by continued purchases from global central banks.
According to Nansen data, Ethereum (ETH) network activity continues to strengthen. Transaction fee revenue surged by 30% within a week, with Ethereum surpassing Tron to become the network with the highest fee revenue. Including layer two networks, Ethereum's total fee revenue reached $16.3 million, more than double Solana's (SOL) $7.9 million. DefiLlama data shows that Ethereum recorded its second-highest decentralized application (DApp) fee revenue since February 2022.
In August, Ethereum DApps generated a total of $466 million in fee revenue, a 36% increase from the previous month. In contrast, Solana (SOL) DApp fee revenue decreased by 10% during the same period, while BNB Chain shrank by 57%. Relevant data shows that the projects contributing the most to Ethereum's fee revenue include Lido ($91.7 million), Uniswap ($91.2 million), and Aave ($82.9 million), over a 30-day period.
Despite the continued growth in on-chain activity, Ethereum derivatives data indicates that traders remain cautious about ETH returning to $5,000 in the short term.
According to Laevitas.ch data, the monthly futures premium is at 5%, within a neutral to slightly bearish range. After a 15% pullback from the August 24 high, market caution has intensified. However, the total open interest in futures has increased by 26% over the past 30 days, reaching $58.5 billion, indicating that traders are still committed to the asset.
According to laevitas.ch data, Ethereum (ETH) options skew was at 3% on Monday, within a neutral range of -6% to +6%, reflecting that traders assign similar probabilities to unexpected volatility directions. A significant breakout from the neutral range could indicate that the market expects prices to fall below $4,200. However, this situation has not yet occurred.
Institutional adoption continues to grow. StrategicETHReserve.xyz data shows that in the past 30 days, enterprises have added 2 million ETH to their holdings. Companies like Bitmine Immersion Tech (BMNR), SharpLink Gaming (SBET), and The Ether Machine (ETHM) currently hold a total of 4.71 million ETH, with a market value exceeding $2.02 billion.
More importantly, some of these companies have begun to invest capital into Ethereum DApps. According to ETHZilla (ETHZ) announced on Tuesday, the new commitments highlight the ongoing activity within the ecosystem. The expansion of real-world applications further solidifies ETH's leading position in the decentralized application space and is expected to widen the gap with competitors.
Overall, despite cautious signals from the derivatives market, the continued rise in Ethereum (ETH) network activity is likely to drive ETH towards another upward trend.
Related: Bitcoin returns to $110,000, but analysts say the BTC market remains "fragile"
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