ETH Records Lowest Quarterly Return Since Q2 2022, Says Blockworks Research

Ethereum (ETH) is facing significant challenges:

ETH recorded its lowest quarterly return since Q2 2022, according to Blockworks Research.
Real Economic Value (REV) dropped 48% month-over-month to $37M, the lowest level since July 2020.
Despite the downturn, Ethereum maintains dominance in the stablecoin market with a market cap of $124B and growth in on-chain activity.
The network is at a critical juncture, with potential for recovery as market conditions stabilize and effects from Pectra unfold.
Stablecoin and institutional interest provide some support, but it remains uncertain if this will be sufficient for recovery.