Ethereum’s DEX trading volumes plummeted from 86.02 billion USD in January to 14.54 billion USD in February, an 83% decline. This stark reduction reflects decreasing market activity.

Although active Ethereum addresses dropped by 55.4%, unique addresses rose by 11.93%. This indicates new user growth, despite a general decline in trading, suggesting a shift towards holding or staking.

Ethereum’s MVRV ratio fell to 0.9, indicating potential undervaluation. Combined with the SOPR metric showing losses on most trades, it raises questions about capitulation or accumulation phase before a potential recovery.