• Ethereum’s network activity stays flat despite a rise in price.
• Staking deposits have mushroomed since Shapella went live.

The market rally of June, fueled by confidence shown in digital assets by financial institutions, resulted in significant gains for Ethereum [ETH] as well. The king of altcoins reversed the losses induced by regulatory hostilities and rose 11% since the news about Blackrock’s application for a spot Bitcoin [BTC] ETF went public.

Is your portfolio green? Check out the Ethereum Profit Calculator

Network activity failed to lift up

However, the rise in value didn’t translate into a significant jump in network activity for the proof-of-stake (PoS) blockchain. As per the on-chain analytics firm Glassnode, gas prices remained relatively low and increased just by 28.5% since the ETF announcement.

Gas fee is the amount charged to complete a transaction or execute a contract on the Ethereum network. It is determined by supply, demand, and network capacity at the time of the transaction with lower fees suggesting that the network’s demand was weak.

The transaction count as of 5 June was 740,048, a drop of more than 25% since the BTC ETF announcement.

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Author: Suzuki Shillsalot

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