The seven-day moving average transaction fee on the Ethereum network fell to $0.77 on February 15, up from $2.57 just a week earlier, with transaction fees down 70% month-on-month. While lower transaction fees typically boost user activity, the extent of the sharp decline, especially the long-term downtrend, suggests it is more due to weak demand. The drop brings transaction costs to their lowest level in four years in dollar terms. The last time Ethereum was traded this cheaply was in July 2020. Meanwhile, activity on the bitcoin network recently fell to a 12-month low, with trading volumes down 55 per cent from their peak.