The volume of decentralized applications (DApps) in Ethereum (ETH) has plummeted by 33% in the past week to $39.04 billion. The decline reflects the contraction in the overall cryptocurrency market, although Ethereum still leads in terms of total locked-in value (TVL) and volume. Ethereum's spot exchange traded funds (ETFs) have been lackluster, leading to outflows and creating constraints on ETH price gains. While Ethereum's TVL has increased by 9% in 30 days to reach $18.60 million, BNB chain's TVL has declined. The decline in on-chain activity in the Ethereum network could have a negative impact on ETH price, although second layer solutions such as Base, Optimism, and Arbitrum have reached new high active levels. This widespread decrease in activity indicates a general weakening of interest across the crypto industry.