Fidelity: Q3 Crypto Rally Masked a Collapse in Network Fee Revenue
- —Bitcoin NUPL climbed from 0.09 to 0.36, an arithmetic effect of the 43% price gain, not new capital
- —Ethereum's annual fees fell 31% to $204M even as ETH rallied 71%
- —Solana's trailing fees dropped 13% to $193M, though its quarterly pace hit $224M a year
- —Solana holders remain 7.4% underwater despite record transaction throughput
Why it matters: Weak base-layer fee revenue erodes ETH staking yields and undermines L1 business models as activity shifts to rollups.
Source: Coindoo