Ethereum's daily transaction fees have dropped to $731,472 on February 8, marking the first time since September 2024 that fees fell below $1 million. This decline mirrors a similar slump experienced from August to September 2024. The recent downturn in daily revenue coincides with Ether's underperformance compared to Bitcoin, despite significant approvals in major markets. The increase in Ethereum's total supply, which has surpassed pre-Merge levels, is contributing to the pressure on Ether's performance. Although Ethereum's layer-2 solutions have helped reduce congestion, they face interoperability challenges. Competitors like Tron and Solana are gaining traction, surpassing Ethereum in fees generated over the past three months. Additionally, internal conflicts within the Ethereum Foundation have led to uncertainties. However, investor confidence remains as accumulation addresses recorded the largest single-day inflow of 330,705 ETH ($833 million) on February 7, 2025.

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