The fundamentals are so strong, but the price is still pretending to sleep—classic ETH.

ME News reports that on May 24th, Ethereum's fundamentals continued to strengthen. Token Terminal data shows that L1 transaction volume hit a record high, and on-chain transaction fees dropped to a historic low. The Glamsterdam upgrade reduced transaction costs by approximately 78%, allowing users who haven't exited to withstand the impact of the cost reduction. About 32.4% of ETH is staked, reaching a record high, reflecting increased long-term holding and participation in network security. Despite the market remaining pessimistic, multiple on-chain data points suggest that Ethereum's current fundamentals may be among the strongest in history.