#ETH Glassnode: Since the beginning of November, the Total Fees Paid per Day on Ethereum (90-day SMA) has fallen to less than 300 ETH/day — the lowest level recorded since July 2017.

This sharp decline in fees indicates reduced on-chain activity, reflecting lower demand for blocks, less pressure for space on the network, and a moment of weakening in ecosystem usage.

It is an important signal to monitor, as periods of very low fees historically precede phases of repricing — either continued weakness or recovery if demand starts to grow again.

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