The quarter’s story was the SEC’s surprise turnaround and approval of the spot ETH ETF. Despite regulatory tailwinds, most crypto asset prices declined over the quarter. ETH outperformed, with its price declining less than other major assets. ETH fell by 6%, while BTC fell by 12%, and prominent top-10 crypto assets fell by more than 20%. Ethereum’s annualized inflation came in hot at 0.4%. Real yields continued to fall, prompting discussions of changes to issuance. Ethereum’s fundamental metrics remained largely flat over the quarter. Active addresses, transaction activity, TVL, and DEX volumes saw no material change. Rollup transaction fees fell sharply after Dencun, and L2 transaction activity grew 65% sequentially. The strong growth in rollup activity bodes well for Ethereum’s scaling vision.
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