While #Ethereum leads in total deposits, its fees are just $8 million higher than those of Solana. For context, Ethereum's total value locked (TVL) is $66 billion, compared to Solana’s $10 billion. More strikingly, Tron collects $56 million in monthly fees despite having under $5 billion in TVL.#Write2Earn

$ETH  options markets provide further insight into sentiment among large investors. In balanced conditions, the skew metric should stay between -5% and +5%. Readings above this range indicate that market makers are hesitant to provide downside protection.

Currently, the 2% skew falls well within the neutral zone, although it briefly approached bearish territory on Sunday. More notably, ETH options haven’t shown a skew below -5% since June 11, implying that traders expect a consolidation above $2,800 to trigger a bullish shift.#ETHETFsApproved

More than 20 weeks have passed since Ether last traded above $3,000, leading to gradual erosion in trader confidence. The absence of renewed optimism also stems from intensifying competition in decentralized application (DApp) activity, particularly from Solana and BNB Chain.#BTC110KToday?

It remains unclear what could reignite strong buying interest in ETH. A durable bullish trend will likely require a clear competitive edge. Unless Ethereum differentiates itself through tangible institutional adoption or network dominance, ETH is unlikely to surpass the $3,000 mark in the short term.

  • Ether surged to $2,470, but futures and options data show weak bullish conviction from traders.

  • Despite spot ETH ETF inflows, low network fees and rising competition weigh on Ether’s price outlook.

Ether ETH$2,462 jumped 17% to $2,470 from a Sunday low of $2,115, following investors’ response to news that a ceasefire was established between Iran and Israel. Oil prices dropped to a two-week low after markets predicted reduced geopolitical risks.

In neutral markets, ETH monthly futures typically trade at a 5% to 10% annualized premium to account for the extended settlement period. On Tuesday, this indicator slipped to a bearish 3% level. The lack of interest in leveraged long positions has persisted since June 12, after ETH failed to hold above $2,700.

Interestingly, US-listed Ether exchange-traded funds (ETFs) recorded $101 million in net inflows on Monday, reversing the $11 million in outflows seen on Friday. Still, whatever is holding back bullish leverage demand isn’t likely to shift simply because ETH rose 10% to $2,660 or because ETFs draw an additional $300 million in inflows.

Ether's market capitalization outpaces fees, raising sustainability concerns

Investor concerns revolve around the mismatch between Ether’s $293 billion market capitalization and its modest $41 million in monthly network fees. Regardless of whether the reduced rollup costs were intentional, network activity must increase substantially to sustain staking rewards without inflating the ETH supply