CryptoQuant analyst EgyHash noted that the daily average gas fees for Etherium have recently dropped to a historic low of 2.9 Gwei, with the dollar-priced daily fees also reaching their lowest point in years at just $0.85. Additionally, the daily burning rate has also reached its historical lowest point, with a single day burning volume of 115 ETH. It is worth noting that despite the significant decrease in gas fees and burning rates, there has been little impact on the number of daily transactions on Etherium, which has remained steady or even increased. This phenomenon may be related to the Dencun upgrade that was activated on Etherium on March 13th this year. While low fees are a positive factor for users, the situation is different for investors, particularly considering that some use of Etherium is being shifted to its L2 network, which could lead to issues of fragmentation of users and liquidity. Despite this, since the approval of Etherium spot ETFs following the Dencun upgrade, there has not been a clear upward trend in the price of ETH. During this period, the supply of ETH increased by approximately 197,000 (worth over $500 million), while the price fell by 35%.