Ethereum's network activity has reached unprecedented levels, with daily active addresses nearing 2 million and smart contract invocations exceeding 40 million per day in February 2026, according to a CryptoQuant report. Despite this surge, Ethereum's price has dropped by approximately 30% over the past six months, and its realized market cap has turned negative year-over-year, indicating net capital outflows. The report suggests that capital flows, rather than network activity, are driving Ethereum's current price trends, contrasting with previous cycles where price and on-chain activity rose together. Additionally, Ethereum's transaction fees over the past 30 days totaled $10.3 million, ranking third behind Tron and Solana, while protocol revenue was $1.22 million, placing fifth. Despite hosting $162 billion in stablecoin supply, Ethereum's value capture has lagged behind its usage growth.