CryptoQuant analyst EgyHash said in a post that the average daily gas fee of Ethereum recently reached a record low of only 2.9 Gwei, and its average daily fee denominated in US dollars also hit a multi-year low of only $0.85. Therefore, the average daily destruction rate of Ethereum has also dropped to a historical low, with 115 ETH destroyed in a single day. Despite the sharp decrease in gas fees and efficiency, the average number of daily transactions on Ethereum has remained flat or increased significantly compared to the same period in the past two years. This decline may be related to the Dencun upgrade that was activated on Ethereum on March 13 this year. While low fees are good for users, they are not so good for investors, especially considering that a significant portion of Ethereum's usage is moving to its L2 network, and the potential problems this can cause, such as user and liquidity fragmentation. Despite the approval of the Ethereum Spot ETF, the price of ETH has not improved since the Dencun upgrade. During this period, the supply of ETH increased by more than 197,000 (worth more than $500 million), while its price fell by 35%.