Ethereum's weekly transaction fees have dropped by 70% to $2.12 million, reflecting a significant slowdown in decentralized finance (DeFi) activity, according to Sentora data. This decline is attributed to both reduced transaction volume and lower gas fees on the network. Despite the bearish trend, BitMine remains optimistic about Ethereum's recovery, citing the current ETH cost basis of $2,241 compared to its trading price of $1,934 as an indicator of nearing a market bottom. In contrast to BitMine's bullish outlook, Ethereum experienced a net outflow of $1.1 billion to exchanges over the past week, suggesting continued selling pressure from holders. This movement has contributed to a 1.3% weekly decline in ETH's value, although a slight 2% recovery was noted today. The asset remains below the $2,000 mark, highlighting ongoing market challenges.