On-chain momentum across Ethereum appears to be cooling after a prolonged stretch of heavy congestion. The 30-day moving average of failed transactions—often a gauge of aggressive friction and speculative network heat—has rolled over sharply from its recent peak, while major exchange inflows remain largely subdued. Rather than signaling structural deterioration, this lull suggests capital may simply be taking a breather; with risk appetite and liquidity increasingly absorbed by the ongoing AI trade, participants might be parking dry powder on the sidelines until a clearer narrative returns to the base layer.

Written by nino