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Ethereum’s network activity has reached record highs across several metrics, yet ether’s price and base-layer fees continue to lag. A March 10 report from CryptoQuant found daily active addresses approached two million in February 2026. The surge surpassed levels recorded during the 2021 bull market. At the same time, ether has dropped roughly 30 percent over the past six months, while network fees remain low.
The report shows that Ethereum processes more activity than before. Yet market performance has moved in the opposite direction. The divergence has created an unusual situation for the blockchain’s native token.
CryptoQuant recorded more than 40 million daily smart contract calls during the same period. Token transfers driven by internal contract interactions also reached new highs. These metrics show strong adoption across decentralized finance, stablecoins, and automated protocol activity.
Yet Ether has struggled to keep pace with that growth. The token’s market performance has weakened even as network usage expands. Why does record Ethereum activity fail to lift Ether’s market value?
CryptoQuant data show that Ethereum’s daily active addresses climbed to nearly 2 million in February. The figure exceeded peaks recorded during the last major bull market in 2021. Active addresses represent unique wallets that send or receive transactions within a specific period.
The growth reflects rising participation across Ethereum applications. DeFi platforms, stablecoin transfers, and automated smart contract systems continue to generate large volumes of activity. These services rely on Ethereum infrastructure for execution and settlement.
Meanwhile, smart contract calls crossed the 40 million mark per day. These calls represent instructions embedded within blockchain code that trigger automated functions. For example, they allow decentralized platforms to execute financial transactions without intermediaries.
Token transfers linked to internal contract activity also reached record levels. These transactions occur when smart contracts automatically transfer tokens between accounts. The trend signals growing automation across blockchain finance.
Traditionally, stronger user activity often supported the value of a blockchain’s native token. Demand for ETH usually increases when users interact with applications because the token pays transaction fees. Yet that pattern has weakened during the current cycle.
Ether’s price performance has diverged sharply from the network’s usage data. The token has declined roughly 30 percent over the past six months. The one-year change in Ethereum’s realized capitalization has also turned negative.
Realized capitalization measures the value of assets based on the price when coins last moved. A negative shift signals net capital leaving the market. Therefore, the data suggests investors have withdrawn funds despite rising activity.
Exchange flow data provides another explanation. CryptoQuant reported that ether is moving to trading venues faster than Bitcoin. Such movements often precede selling activity.
When investors send tokens to exchanges, they typically prepare to sell or rebalance portfolios. Consequently, higher exchange inflows can increase selling pressure. That pressure can weaken prices even during periods of strong network growth.
Analysts say liquidity conditions now influence ETH price movements more than network usage. Market behavior and capital flows have gained stronger influence over valuation. As a result, activity alone no longer determines price direction.
Read More: Ethereum Price Outlook: Can Network Upgrades Drive a March Recovery?
