Ethereum (ETH) has recorded its lowest quarterly return since the second quarter of 2022, according to Blockworks Research's Marc-Thomas Arjoon. The downturn is influenced by broader macroeconomic pressures as investors shed risk assets. Additionally, Ethereum's fundamentals have weakened, with Real Economic Value (REV) dropping 48% month-over-month to $37 million, the lowest level since July 2020. However, Ethereum remains a leader in the stablecoin market, holding a record market cap of $124 billion and showing ongoing growth in on-chain activity. Arjoon noted that Ethereum is at a crucial turning point and has the potential to regain momentum as market conditions stabilize. The continued interest in stablecoins and institutional engagement may provide necessary support for ETH's resurgence, although uncertainty remains regarding whether these factors will be sufficient to reverse its fortunes.

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