Bitwise: Ethereum, Solana, and Avalanche network activity increases, token prices deviate from fundamentals

According to The Block, Ethereum, Solana, and Avalanche have seen an increase in network activity and a decrease in usage costs over the past year, but ETH, SOL, and AVAX prices have all fallen by about 50% or more. Kam Benbrik, Head of On Chain Research at Bitwise, stated that there has been a divergence between network fundamentals and market sentiment, with on chain activity growing but protocol design making blockchain space cheaper, resulting in a significant decrease in revenue. According to Bitwise's quarterly staking report, the amount of Ethereum staking reached 40.2 million ETH at the end of the second quarter, accounting for one-third of the total supply, with new staking mainly coming from institutions.