Ethereum investors are currently sitting on the edge of their seats eagerly awaiting the approval of spot Ethereum ETFs by the U.S. SEC. However, just before the final decision on ETF approval, the Ethereum gas fee dropped to a two-month low suggesting major inactivity on the Ethereum network.
Ethereum Gas Fee Drop Suggests Major Inactivity
On-chain data provider Cryptoquant has released a new chart highlighting the recent trend in the average Ethereum gas fee (gwei). As per the below chart, the gas fee has dropped to the lowest level since May 2024, indicating a sharp drop in the activity on the Ethereum blockchain network. Historically, the chart shows a strong correlation between the rising gas fees and the increasing ETH price.
Courtesy: Cryptoquant
This decline in gas fees raises the question of whether it is calm before the storm, especially with the anticipated approval of the spot Ethereum ETF on the horizon.
On the other hand, the Ethereum staking activity has peaked at new al
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