Crypto’s Q3 Rally Hid a Massive Revenue Slump
Photo: Coindoo
Beneath the surface, however, onchain fee generation told a fragmented story: Ethereum’s base-layer fee revenue collapsed to multi-quarter lows, Solana’s surge in transactional volume generated minimal protocol cash flow, and Bitcoin’s profitability rebound proved to be an accounting byproduct of price appreciation rather than an influx of fresh capital. Key Takeaways Bitcoin’s NUPL spike tracked price, not fresh capital. Ethereum fees tumbled 31% despite a 71% rally. Solana’s quarterly fee pace eclipsed its trailing year. Solana holders remain 7.4% underwater despite record throughput.
Source: Coindoo
