Daily Report on Gas Fees and Network Health (Issue 14 · Week 30, 2026)

01On-chain Health Assessment

Benchmark Date: 2026-07-24

! Geopolitical tensions drive oil prices above $95, raising inflation expectations and impacting bond markets, which may suppress valuations of risk assets. ! If ETH falls below $1,834, it could trigger liquidations worth $966 million, increasing selling pressure on the blockchain. ! Attackers of Drift Protocol resume fund laundering, exposing security vulnerabilities in smart contracts.

• The amount of ETH locked in collateral reaches 40.2 million tokens, hitting a new record, as institutions continue to increase holdings, thereby strengthening the network’s health.
• Daily net inflows into U.S. spot Bitcoin and Ethereum ETFs exceed $140 million, indicating a clear trend of capital returning to these assets.

Scenario Analysis:

• Optimistic: Continued inflow of institutional funds, ETH holding steady above support levels, and rising network activity.
• Neutral: A balance between geopolitical premiums and liquidation risks, with prices fluctuating sideways while gas fees remain low.
• Pessimistic: Oil price shocks trigger macroeconomic risk-aversion, causing ETH to fall below key levels and triggering cascading liquidations.

Key Concerns:

1. Changes in the scale of ETH collateralization and the sustainability of ETF net inflows.
2. The impact of geopolitical situations on energy prices and inflation expectations.
3. Security incidents involving major protocols and the funding movements of large Whale investors.

02Operation Recommendations and Risk Warnings

Operational Recommendations

• Liquidity Protection: With the current ETH price at $1,871.09 and Whale activity rising sharply by 46 points, it is advisable to take moderate defensive measures if the price drops below $1,834 along with increased trading volume, in order to avoid liquidation risks.
• Sentiment Analysis: The market sentiment index has plummeted by 15.6 points to 34/100. If KOLs maintain a bullish consensus of over 70% and Whales continue to buy in, it may be feasible to build positions in stages over the next two weeks.

Risk Warnings

• Geopolitical Premium: Oil prices exceeding $95 per barrel are putting pressure on the bond market. If inflation expectations rise, valuations of risk assets are likely to come under strain.
• Unusual Fund Movements: Abraxas Capital transferred $223 million into exchanges. If this is accompanied by large-scale selling, it could exacerbate short-term selling pressure.

03Related Reads

1. “美伊停火梦想破灭：油价突破95美元，地缘政治溢价重塑全球能源定价”