Just noticed Ethereum's weekly fees have cratered by 70% to around $2.1M. Pretty wild when you think about it - the whole DeFi ecosystem has clearly cooled off. Lower transaction volumes combined with cheaper gas means less activity on the network overall.

Here's where it gets interesting though. While DeFi usage is down, there's been a massive $1.1B outflow to exchanges over the past week, which screams selling pressure. That said, ETH just bounced up 2% today and is hovering around $2.38K now. The cost basis sitting higher than the current price used to signal we're near a bottom, but with all these outflows, hard to say if that's still valid.

The DeFi space looks weak short-term, but some are betting on recovery. ETH is still grinding below where many thought support would hold. Watching to see if this is just a DeFi cooling cycle or something more structural.