Key Insights:
- Ethereum news shows the lowest usage and fees since 2017.
- The network still moves high dollar value even with fewer users.
- Solana has more transactions, but Ethereum handles more money.
Ethereum news shows the network is now at its quietest usage level since 2017. Fees have dropped sharply, and this has made many traders think demand is weakening.
But other numbers paint a different picture. Even with lower activity, Ethereum is still handling large amounts of value. This mix of weak usage and strong settlement makes the situation harder to read.
Why Does Ethereum News Show Weak Usage?
Ethereum fees are at very low levels. Fees often fall when fewer people use the network.
Right now, the number of users and transactions has slowed. This makes the network look weak on the surface.
But the value moving through Ethereum remains high. Stablecoin settlement has reached about $6 trillion this quarter.
A stablecoin is a token that follows the price of the US dollar. Settlement refers to the amount of money moved from one wallet to another.
This shows that even with fewer users, the transfers that are happening involve large amounts. Solana adds another layer to this picture. Solana processes more raw transactions than Ethereum.
But Ethereum still handles more dollar value. This means Solana has high activity, while Ethereum supports the largest financial movement. Because of this, transaction counts alone do not show the full story.
Another important signal is Ethereum’s price-to-sales ratio. This ratio is near the 98th percentile.
Price-to-sales compares the market value of Ethereum to the fees it generates. When this number becomes very high, it can mean traders are paying more than usual for the same level of network income. This often brings caution in the short term.
How Regulation and Valuation Could Change Outlook?
A new regulatory update also affects Ethereum news. The CFTC, which is the Commodity Futures Trading Commission in the United States, approved a pilot program for “tokenized collateral.”
Collateral means assets that traders lock up to support a financial position. The program includes Bitcoin, Ethereum, and USDC. This shows that a major regulator sees Ethereum as reliable for large transfers and financial activity.
This is why the picture is mixed. Usage is lower. Fees are low. But settlement and regulatory trust remain strong. Traders are trying to decide which side matters more for the next move.
Stablecoin settlement near $6 trillion shows that the network still plays a major role in moving dollar-based value. But without more active users, the network does not feel strong for now. These two points move in opposite directions and make the situation unclear.
However, the recently concluded Fusaka upgrade could change that.
The network fee requirement might still remain low, but with Fusaka helping out the layer-2 networks, Ethereum might passively see more users.
What’s Next for Ethereum?
The next trend depends on whether activity improves. If fees stay low and users remain inactive, short-term pressure may continue.
But if usage rises while settlement stays high, the network can stabilize before a new move. Traders are watching two things.
First, whether stablecoin settlement stays strong. This shows how much real value is still using Ethereum even when activity slows.
Second, whether fees rise again. Higher fees can mean more users and stronger demand.
However, fees going up uncontrollably might also mean that the Fusaka upgrade wasn’t very successful. That might work as a bearish bit of Ethereum news.