ETH slides post-ATH, Network fundamentals stay strong

ETH Slides Post-ATH, Network Fundamentals Stay Strong

Altcoins slid as Bitcoin and Ethereum retreated, with ETH dropping 7% to $4,313 despite recent highs and strong inflows. Market cap fell by $200B.
BitMine Immersion Technologies seized the dip, buying 4,871 ETH for $21.3M, boosting its holdings to 1.72M ETH (~$7.5B), about 40% of all corporate ETH reserves. Its crypto assets rose by $2.2B in a week, with NAV per share hitting $39.84, reinforcing its lead in ETH treasuries.
Ethereum surged 200% since April lows, but network activity tells the bigger story. On-chain metrics show strong fundamentals: 75% of revenue from priority fees and MEV, $156B in stablecoins (+14% since July), and ~$6B daily L1 settlements. L2 adoption is also accelerating, led by Coinbase’s Base.
Despite structural growth, volatility persists: ETH plunged $550 after a new ATH, liquidating $110M in leveraged positions. Currently at $4,445 (-5.5% daily, +5.3% weekly), ETH still outperforms the broader market.
The Ethereum Foundation is pushing its Trillion Dollar Security initiative to enhance wallet and contract safety, aiming for long-term sustainability.