Why did $ETH rise? ETH exhibited complex market dynamics from April to July 2025.

Fee income significantly decreased from $42.5 million in April to $21.6 million in May, while token incentive spending increased from $39 million to $49.6 million, indicating that the project may have invested more resources in May to incentivize the ecosystem, but revenue did not grow correspondingly. Incentive spending fell back to $27.1 million in July.

More critically, trading metrics showed that token trading volume peaked at an astonishing $772.1 billion in June, significantly up from previous months (such as $501.1 billion in May). This indicates a explosive growth in market activity and capital scale in June, although fee income did not increase year-on-year, possibly due to adjustments in trading fees or Layer 2 and other expansion solutions reducing the cost per transaction.

In summary, the data paints a picture of 'increased volume and decreased price': network usage activity (measured by trading volume) is strong, especially in June, but profitability (fee income) is under pressure. Market expansion may come at the cost of short-term profits or may mean that the Ethereum ecosystem is competing for and expanding market share by lowering fees, keep it up!