Ethereum's network activity has reached record highs, but the growth has not significantly impacted the price or fee generation at the base layer. A weekly report from analytics firm CryptoQuant found that daily active addresses on the platform approached 2 million in February 2026, surpassing peaks seen during the 2021 bull market. However, investment demand for ether has decreased, with the native token ether down roughly 30% over the last six months and the one-year change in Ethereum’s realized capitalization has turned negative, indicating net capital outflows from the market. The fee picture also indicates a disparity between the two competing networks.