What happened was that this money served as a strategic reserve (the famous “dry powder”).

Investors brought crypto dollars into the network solely to protect themselves from market volatility, without converting them into immediate ETH purchases.

On the other hand, the drop in the asset’s price was driven by technical adjustments and the reduction of leveraged positions in the futures market.

In other words, the pullback was due to short-term speculative factors, not a lack of usage or a weakening ecosystem.

ETH

2,503.85

+0.19%