This divergence between market prices and underlying network fundamentals was highlighted in Bitwise’s inaugural quarterly staking report covering the second quarter of 2026. According to the analysis, Ethereum, Solana, and Avalanche tokens each dropped by approximately half or more compared to levels a year earlier. Ethereum processed 203.9 million transactions in the quarter, up sharply from 121.1 million in the same period of 2025. Avalanche’s C-Chain saw the most dramatic growth in volume, processing 235.6 million transactions compared with just 58 million previously—an increase of roughly four times. The data suggest that lower token prices have not translated into reduced network utilization.