Ethereum Revenue Grows for Fourth Consecutive Month

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Key Market Trends

  1. Ethereum network revenue has increased for four consecutive months, reaching $208 million, though it remains relatively low. Monthly revenue first surpassed $200 million in 2021 when ETH traded around $1,300.
  2. Bitcoin’s price stands at $28,048**, above its 50-day moving average ($27,963)—a bullish signal, with a 1.6% weekly increase. Ethereum trades at $1,828**, below its 50-day average ($1,854)—a bearish signal, down 1.9% weekly.
  3. Ethereum underperforms Bitcoin as the ETH/BTC ratio declines, reflecting crypto markets driven by beta factors.
  4. Global crypto market cap fell 1.4% weekly to $1.21 trillion**, below the 50-day average ($1.22 trillion)—bearish. Bitcoin dominance rose to 45% (above its 44.2% average), signaling weak altcoin performance**.
  5. Weekly crypto trading volume dropped 36.5% to $48.1 billion, below the 50-day average ($75.7 billion)—neutral. Bitcoin volume is 33% below average; Ethereum volume is 5% below.
  6. Top stablecoins show high-risk liquidity signals: $1.186 trillion market cap (0th percentile) and $330 billion weekly volume (13th percentile). USDT’s rise offsets USDC’s decline, but net liquidity exits the ecosystem—a negative trend.

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DeFi and On-Chain Metrics

  1. Total Value Locked (TVL) fell 1% ($7 billion) to **$68.2 billion**, driven by yield-sector outflows ($770 million). MakerDAO’s TVL dropped 2% ($1.49 billion), while WBTC gained $6 million.
  2. Active addresses declined: Bitcoin (-3.9% to 758,000) and Ethereum (-15.9% to 579,000)—both bearish.
  3. Futures data: Bitcoin funding rate at 4.5% (bullish); Ethereum at 13.1% (bullish). Daily contract settlements are neutral for both ($45M BTC vs. $53M avg; $23M ETH vs. $47M avg).

  4. Sentiment indices:

    • Crypto Fear & Greed Index: 46%
    • Ethereum-specific index: 30%
    • Bitcoin RSI: 46%; Ethereum RSI: 42%

FAQs

Q: Why is Ethereum underperforming Bitcoin?
A: The ETH/BTC ratio decline reflects weaker demand for altcoins amid market volatility.

Q: What does stablecoin liquidity indicate?
A: Rising USDT dominance suggests risk appetite, but net liquidity outflows signal reduced ecosystem confidence.

Q: Are lower active addresses a concern?
A: Yes—declining activity often precedes price drops due to reduced network utility.

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Conclusion

While Ethereum shows revenue growth, bearish technical signals and liquidity shifts warrant caution. Monitor key metrics like TVL and funding rates for market direction clues.