Ethereum Network Sees Record High Activity Despite Price Underperformance

• Ethereum network seeing increased activity and growth despite regulatory uncertainty and price underperformance • ETH transfers on mainnet reached highest since May 2022; ETH on layer-2s surpassed 10 million first time ever
• Activity on layer-2 solutions Arbitrum, Optimism, Base over 2x rate of mainnet • Since 90% fee drop after Merge, expectation for more layer-2 growth
• ETH lagging behind BTC and S&P 500 this cycle despite on-chain data showing Ethereum continues to grow