As holders transfer assets to staking, cold storage, and DeFi protocols, the supply of Ethereum on exchanges has dropped to multi-year lows of approximately 16 million ETH, down from about 23 million in 2023, reducing short-term selling pressure. Meanwhile, driven by increased activity in DeFi, stablecoins, NFTs, and emerging artificial intelligence and real-world asset activities, Ethereum network activity surged to a historic high of nearly 3 million transactions per day, indicating that despite price fluctuations, its underlying applications remain strong.