Just noticed something interesting about ETH - the price has been down roughly 30% over the past year and a half, but stablecoin transaction volume on the network is up like 200%. That's a pretty wild disconnect. Reminds me of what Michael van de Poppe pointed out: back in 2019, we saw the exact same pattern before ETH finally took off. The fundamentals were improving way before the price caught up. Van de Poppe's been tracking this pattern across multiple cycles - June 2022 after Luna crashed, March 2020 during the COVID panic, even December 2018 when everything was bleeding. Every single time, the on-chain activity spiked first, and then price followed weeks or months later. He's calling this a bullish signal, and honestly it makes sense. The market doesn't always react instantly to what's actually happening on the network. Could be setting up another one of those delayed reactions where price finally catches up to the fundamentals. Worth keeping an eye on.