ETH under $2,400: DEX volumes dey fall as SOL/HYPE dey gain DApp share
Ethereum (ETH) don dey stall under $2,400 for three months, with 2026 YTD losses about -21% compared to about -11% for total crypto market cap. The slowdown dey show for on-chain fundamentals: Ethereum DEX volume don drop by about 53% in six months and Ethereum DApp revenue don fall around 49%.
One key driver na revenue dey migrate to cheaper chains. Solana (SOL) and Hyperliquid (HYPE) together get about 42% of DApp revenue share, even though Ethereum TVL still about 6x bigger than the nearest competitor. The article link the shift to cooling meme-coin market, fewer new token launches, and better execution for alternatives (lower fees and faster confirmations).
Security risk dey add pressure. April crypto exploit losses total about $630M, with KelpDAO and Drift Protocol make up over 80%. The report talk say Hacken attribute the attacks to actors wey linked to North Korea, wey dey heighten trust concerns after big lending outflows.
Corporate-treasury stress test still look bearish. BitMine (BMNR), wey dem describe as big publicly traded corporate ETH holder, pay about $12.2B for im ETH position and now dey down roughly $1.4B unrealized. E hold 5.18M ETH (~4.12% of circulating supply), with ~73% staked and about $264M annualized staking revenue, but no sell signal mention.
Catalyst to watch: Glamsterdam hard fork (ePBS/block-builder pipeline changes) aim to improve scalability and throughput. Traders go dey watch whether ETH fit regain traction by fundamentals—or whether DApp revenue go continue shift toward SOL/HYPE.
Bearish
Bearish for ETH because di news dey show say demand dey weaken (DEX volumes and DApp revenue don drop sharply) and e dey suggest say revenue go continue to migrate to SOL/HYPE. The security context (big April exploit losses wey link to actors wey get ties with North Korea) add risk-premium wey fit harm participation and liquidity. Finally, the corporate treasury example (BitMine show big unrealized ETH drawdown) dey challenge the story say ETH treasury reserve fit be treated as low-volatility hold. Even though Glamsterdam hard fork fit be positive, the article frame the near-term problem as fundamentals and competition, so traders fit expect relative underperformance and remain cautious until clear ETH revenue recovery show.