Record Ethereum Activity Fails to Lift Price Near $1,700

Ethereum trades near $1,700 after rebounding from mid-June lows near $1,500. Network usage hit records with 200.4 million Q1 transactions and 13.2 million monthly active users, yet base-layer fees plunged nearly 50% to $39.9 million as activity shifted to Layer 2. Whale accumulation of 1.11 million ETH and Bitmine’s $214 million purchase supported the recovery alongside 33% of supply now staked, but $323 million in ETF outflows, futures open interest at 13-month lows, and fresh exchange inflows continue to pressure price. The ETH/BTC ratio has fallen back to early-2023 levels.