Ethereum's network activity has reached unprecedented levels across several metrics, according to a recent CryptoQuant report, even as ETH's price has fallen approximately 30% over the past six months. In February 2026, Ethereum's daily active addresses approached 2 million, surpassing the peak of the 2021 bull market, with smart contract calls exceeding 40 million per day. However, Ethereum's realized market cap has turned negative over the past year, indicating a net capital outflow. Data from DefiLlama shows that Ethereum's transaction fees over the past 30 days amounted to about $10.3 million, ranking third behind Tron and Solana, while protocol revenue was approximately $1.22 million, placing it fifth. Despite hosting around $162 billion in stablecoin supply, which accounts for about 52% of the global total, Ethereum's ability to capture value has not kept pace with the growth in network usage.