As Cointelegraph reported, ETH futures show a lack of bullish sentiment despite strong ETF inflows. Further upside is limited due to weak network activity and the presence of competitors such as Solana.
The decline in Ethereum’s total locked value (TVL) contrasts with the rise in fees. On June 5, the Ethereum network’s TVL fell to 25.1 million ETH, down 17% from the previous month. Solana’s TVL rose 2% to 65.8 million SOL during the same period.
Ethereum's TVL fell mainly due to the reduced contribution of Sky and Curve Finance. The average network fee rose by 150%, strengthening the protocol's burning mechanism and reducing ETH's inflationary pressure.
DEX activity increased, but Solana surpassed Ethereum in volume. Uniswap processed more than $2.6 billion in daily volume in June, compared to $1.65 billion in early May.
ETH futures premium fell to 5%, indicating a slight reduction in leveraged long positions. Institutional interest in ETH increased, with support around $2,500.
