Bitwise: Ethereum, Solana, and Avalanche Networks More Active and Cheaper, Even as Token Prices Fall

2026-07-28 by admin

PANews July 28 news, according to The Block, Ethereum, Solana and Avalanche have seen increased network activity and lower usage costs over the past year, but ETH, SOL and AVAX prices have all fallen by around 50% or more. Bitwise Head of Onchain Research Kam Benbrik stated there is a clear divergence between network fundamentals and market sentiment — on-chain activity is actually growing, but protocol designs make block space cheaper, causing a steep drop in revenue.

Bitwise’s inaugural quarterly staking report shows that by the end of Q2, Ethereum staking reached 40.2 million ETH (one-third of total supply), with new staking mainly coming from institutions. The report also noted that the vast majority of staking rewards on Ethereum and Solana come from new token issuance rather than user fees (Ethereum 93%, Solana over 90%), unstaked holders face dilution risk, and rising staking participation also dilutes returns. Bitmine holds approximately 4.9 million of its roughly 5.8 million ETH and is currently the largest Ethereum reserve company. Ethereum’s annualized staking yield in Q2 was 2.84%, Solana’s was 6.25%.

PANews July 28 news, according to CoinDesk, Bitcoin held near $65,000 on Monday, up about 4% over the past few days, Ethereum hit a near two-month high, while AI-related tech stocks came under pressure and fell. Analysts say this week's Federal Reserve policy decision, inflation data and tech giant earnings will determine whether Bitcoin can break out of its months-long trading range or fall back to June lows. LMAX Group market strategists said the resilience of the crypto market during volatile periods in traditional markets is encouraging, supporting the view that digital assets are beginning to decouple from traditional risk assets. Technically, Bitcoin needs to break above $67,300 to exit the consolidation range that has held since June, while Ethereum faces key resistance at $2,000. Bitmine Chairman Tom Lee noted the ETH/BTC ratio rose to a three-month high, a bullish signal. But a Nansen senior research analyst believes the rebound lacks strong buying support, with declining Bitcoin futures open interest and order book data pointing to net selling pressure, still expecting a possible pullback to the $52,000-$58,000 range unless market conditions improve. The Federal Reserve interest rate decision and core PCE data will be this week's key catalysts.

PANews July 28 news, according to The Block, Ethereum, Solana and Avalanche have seen increased network activity and lower usage costs over the past year, but ETH, SOL and AVAX prices have all fallen by around 50% or more. Bitwise Head of Onchain Research Kam Benbrik stated there is a clear divergence between network fundamentals and market sentiment — on-chain activity is actually growing, but protocol designs make block space cheaper, causing a steep drop in revenue. Bitwise’s inaugural quarterly staking report shows that by the end of Q2, Ethereum staking reached 40.2 million ETH (one-third of total supply), with new staking mainly coming from institutions. The report also noted that the vast majority of staking rewards on Ethereum and Solana come from new token issuance rather than user fees (Ethereum 93%, Solana over 90%), unstaked holders face dilution risk, and rising staking participation also dilutes returns. Bitmine holds approximately 4.9 million of its roughly 5.8 million ETH and is currently the largest Ethereum reserve company. Ethereum’s annualized staking yield in Q2 was 2.84%, Solana’s was 6.25%.