Ethereum network activity remains at ALL-TIME HIGH LEVELS! BUT ETH price is down 50%+ from its peak. 🔹 Daily active addresses surpassed 2021 bull market peaks 🔹 Token transfers and smart contract calls at record levels 🔹 DeFi, stablecoins, and L2 ecosystems keep growing So why isn't price following? 📉📈 Capital flows. 🔹 ETH inflows to exchanges vs. BTC are elevated = stronger selling pressure on ETH 🔹 Ethereum's 1-year realized cap change turned NEGATIVE = more capital leaving than entering 🔹 This lines up directly with the ETH/BTC ratio decline Ethereum the NETWORK has never been stronger. Ethereum the ASSET has a capital flow problem. More users. More transactions. More activity. Less new money coming in. The bull case: network fundamentals eventually reprice the asset. The bear case: usage growth alone doesn't drive value accrual to ETH. Watch the capital flows, not just the activity charts.