Daily Report on Gas Fees and Network Health (Issue 3 · Week 28, 2026)

01Multi-Chain Gas Fee Overview

July 9, 2026, serves as the data benchmark date. Current multi-chain Gas fees and network health are influenced by a neutral macro sentiment score of 45/100 and geopolitical disruptions, showing characteristics of fluctuation and consolidation. Although there is a lack of direct quantitative support from on-chain key indicators such as MVRV and SOPR, fluctuations in the prices of major public chain tokens and changes in trading volumes can indirectly reflect network activity levels and user cost pressures.

Ethereum (ETH), acting as the benchmark for Gas fees, currently trades at $1,745.25, with a 24-hour decline of 1.6%, but an 8.5% increase over the past 7 days, indicating recovery momentum after short-term selling pressure. Its 24-hour trading volume reaches $10.4B, demonstrating strong on-chain transaction demand despite price volatility, and high throughput may help maintain relatively high baseline Gas levels. In contrast, BNB Chain is trading at $570.32, with a slight 1.1% drop in 24 hours and a trading volume of $589M, showing a relatively calm market reaction. It is worth noting that BNB Chain is working on restructuring its underlying architecture, aiming to achieve one million TPS by 2027. This long-term plan is designed to reduce future transaction costs and improve network health to meet the high-frequency interaction needs of institutions and AI agents.

The Solana (SOL) network exhibits high activity, with a current price of $78.21 and a 24-hour decline of 2.4%. However, its 24-hour trading volume reaches $2.3B, second only to Ethereum. High trading volumes suggest that transactions involving meme tokens on the chain (such as the surge in ANSEM leading to increased traffic on Pump.fun) could boost short-term Gas competition, although its price performance lags behind Ethereum’s weekly recovery. On the Layer 2 side, ARB is trading at $0.08 and OP at $0.10, both with trading volumes showing $0.0B (or extremely low values), indicating that as volatility increases on major public chains, some liquidity may flow back to L1 or to other higher-return opportunities. As a result, L2 networks experience relatively lighter loads and less Gas fee pressure.

Overall, the market sentiment index fluctuates sharply between fear and neutral (for example, dropping sharply from 51.8 to 36.2 before rising to 50.1). Whale activity has increased by 46–60 points, suggesting that large funds are reallocating their investments. This capital struggle could lead to spike-like increases in Gas fees, especially on highly active chains like ETH and SOL. Investors should be vigilant about the risk of high-leverage liquidations (with over $169 million in liquidations in 24 hours), as this could trigger an increase in stop-loss transactions on the chain, further exacerbating network congestion and Gas costs.

02Analysis of Network Activity and Congestion

03Network Activity and Congestion Analysis

Reference Date: 2026-07-09

041. Quantification of Core Chain Trading Activity

Based on the current market snapshot, Ethereum (ETH), Solana (SOL), and Binance Smart Chain (BNB) constitute the main liquidity hubs in the current market. ETH dominates with a 24h trading volume of $10.4B, reflecting its continued high activity as the core infrastructure for DeFi and NFTs. SOL follows closely with a trading volume of $2.3B, indicating stable demand in the realm of high-performance public chains. In contrast, BNB Chain has a trading volume of $589M, AVAX at $172M, and ARB at $50M, showing a clear hierarchical differentiation.

Data Source: Market snapshot and Digital Anchor Table

052. Analysis of Relationship between Network Congestion and Market Sentiment

The current market sentiment index is 45/100 (neutral), indicating a slightly weak neutral level. Although the drop in BTC to $62,200 triggered a decline across the board, ETH still saw a 7d increase of +8.5%, demonstrating strong resilience in its network fundamentals. The coexistence of high trading volumes and short-term price corrections (24h -1.6%) suggests that there is profit-taking and trading activity in the market, rather than simply a lack of liquidity.

It is worth noting that ARB and OP, as representatives of Layer 2 networks, showed a 24h trading volume of $0.0B in the snapshot, but the ARB trading volume was corrected to $50M in the Digital Anchor Table. This discrepancy indicates possible statistical differences in data sources, and the actual network activity needs further verification by considering on-chain Gas fees. There are no recent token unlocks, ruling out the risk of abnormal congestion caused by selling pressure.

063. Technical Rating and Liquidity Health

Since there is currently no data available for token ratings, it is not possible to provide comprehensive scores based on technical, fundamental, and liquidity factors. However, based on trading volume and price volatility, it can be inferred that ETH’s large market cap ($211B) and high trading volume ($10.4B) indicate excellent liquidity depth, with manageable network congestion risks. Although SOL experiences significant price fluctuations (24h -2.4%), its $2.3B trading volume supports network stability. AVAX and ARB have relatively lower trading volumes, resulting in lighter network loads and expected low Gas fees.

Note: No data is available for token rating fields, so specific rating scores are not included.

074. Conclusion

Current network activity shows a pattern of "concentration at the top and divergence at the tail." ETH and SOL handle the majority of trading volume, indicating good network health, while BNB, AVAX, and L2 chains have lighter loads. Market sentiment is neutral, with no significant signs of congestion risk. Investors should pay attention to the capital flows behind ETH’s high trading volume and the actual changes in Gas fees on L2 chains to assess network efficiency.

08On-chain Health Assessment

Benchmark Date: 2026-07-09

! Macroeconomic geopolitical conflicts and expectations of high interest rates have suppressed risk appetite. The escalation of military tensions between the US and Iran has triggered risk-aversion sentiment, leading to a general decline in major cryptocurrencies. The market is concerned that high inflation could prolong the period of high interest rates. ! Leverage risks have become significantly apparent, with over $169 million in liquidations occurring within 24 hours. Long positions in Solana accounted for as much as 84.4%, and these heavy losses serve as a warning about the dangers of excessive speculation. ! Although Bitcoin ETFs saw $260 million flow back into the market in just two days, the ongoing discount in the US spot market along with negative on-chain demand indicators suggest that short-term capital inflows alone are not enough to change the risk-averse stance.

• The resilience of stablecoin infrastructure has improved. Data from Binance shows that stablecoins saw an average daily turnover of $38 billion over the weekend, surpassing traditional payment networks and contributing to increased retail adoption and the popularity of high-yield financial products.
• Institutional investment in Ethereum continues to grow. BitMine, affiliated with the US Treasury, holds 5.74 million ETH, approaching the 5% threshold. The details of its staking and financing activities will determine the direction of institutional capital flows.
• The derivatives market exhibits strong liquidity. Within 48 hours of its launch, Ondo Perps saw trading volume exceed $2 billion, indicating strong initial liquidity and active participation in this specific sector.

Scenario projections for the next 1–4 weeks:

Sector outlook and operational recommendations:

In the primary market, focus should be placed on infrastructure projects with stable cash flows and compliance advantages. The stablecoin sector’s performance, with average weekly turnover of $38 billion, demonstrates its ability to outperform traditional banking systems. Projects that combine cross-border payments with high-yield financial products are worth paying attention to in future funding rounds. In the Ethereum ecosystem, as institutions like BitMine approach the 5% holding threshold, financing projects related to ETH staking, repurchasing, and institutional-level custody services hold significant potential for growth in the secondary market.

Recommendations for sector allocation based on funding trends: Given the risk-averse environment and leverage-related liquidation risks, it is advisable to reduce exposure to highly volatile meme coins and highly leveraged derivatives projects. Instead, gradually build positions in stablecoin infrastructure and core Ethereum institutional service projects backed by real on-chain transaction data. The strong initial liquidity observed in derivatives platforms like Ondo Perps highlights the value of compliant derivatives in attracting institutional capital. It is possible to enter such compliant financial infrastructure projects in phases.

Key monitoring points:

1. Disclosure of details regarding BitMine’s ETH staking and financing activities.
2. Continued verification of stablecoins’ ability to replace traditional payment networks, as shown by weekend transaction data.
3. Signs of liquidity crunches due to leverage-related liquidation risks.

09Operational Recommendations and Risk Warnings

Operational Recommendations and Risk Warnings

Benchmark Date: 2026-07-09

Operational Recommendations

• Liquidity Perspective: Utilize the Resilience of Stablecoins for Gradual Position Building According to Binance data, stablecoins see an average daily turnover of $38 billion over weekends, surpassing traditional payment networks and driving retail adoption, indicating strong resilience in the underlying liquidity infrastructure. If ETH holds steady at its current price of $1,745.25, supported by a 24-hour trading volume of $10.4B, and if the market sentiment index rises from its current “fear” level to a “neutral” range, it is recommended to adopt a gradual position-building strategy this week, increasing exposure to mainstream assets that offer advantages in stablecoin settlement.

• Event Perspective: Be Alert to Risk-Averse Selling Driven by Geopolitical Tensions and Adopt a Defensive Approach Due to the escalation in military tensions between the U.S. and Iran, Bitcoin dropped by over 1% to $62,000 in a single day, triggering declines across major cryptocurrencies and raising concerns about high inflation. If BTC prices fall below the key support level of $62,000 and the trend of a stronger dollar continues, it is advised to take a defensive stance over the next two weeks by reducing holdings in highly volatile altcoins and prioritizing core assets with ample liquidity to cope with potential outflows of risk-averse funds.

• Cyclical Perspective: Pay Attention to Signals of Institutional Investment and Dynamically Adjust Portfolio Composition BitMine, affiliated with the U.S. Treasury, holds 5.74 million ETH, approaching its 5% target. The details of its staking and financing activities will determine the flow of institutional capital. If ETH prices remain volatile around $1,745.25 and BitMine announces clear long-term holding or staking plans, it is recommended to gradually optimize the portfolio structure this month by increasing ETH holdings to capture valuation recovery opportunities brought about by institutional inflows, while closely monitoring large-scale transactions on the blockchain.

Risk Warnings

• Escalation of Geopolitical Risks Conflicts between the U.S. and Iran could lead to soaring oil prices and a stronger dollar, intensifying market risk-aversion. If the geopolitical situation worsens further, causing turmoil in global financial markets, crypto assets may face pressure from irrational selling. It is advisable to set strict stop-loss levels to control losses.

• Chain-Reaction Liquidation Due to Leverage Over $169 million was liquidated in the market within 24 hours, with 84.4% of these liquidations occurring in Solana long positions, revealing extremely high leverage risks. If SOL prices experience a rapid decline, it could trigger large-scale liquidations among long holders, accelerating price drops. Attention must be paid to the risk of a flash crash caused by liquidity depletion.

• Persistent Weak Demand for ETFs Although Bitcoin ETFs saw $260 million in inflows over two days, the ongoing discount in the U.S. spot market and negative on-chain demand indicators suggest weak demand. If future net inflows into ETFs fail to increase significantly or the spot discount rate widens further, it may delay the market’s recovery process, leading to prolonged volatility and consolidation.

10Related Reads

1. “Facing Daily Active User Pressures but Aiming for Millions of TPS: BNB Chain Restructures Its Infrastructure”
2. “ANSEM Surges 3 Times: Is Solana’s Meme Trend Reviving or Just a Robot Harvesting Trap?”
3. “24-Hour Settlements Exceed $169 Million; Bear Market Highlights Leverage Risks”
4. “$76 Billion Settled Over the Weekend: How Can Stablecoins Outperform Traditional Banks?”
5. “US-Iran Conflict Triggers Selling Wave; Bitcoin Drops Over 1% to $62,000 in One Day”
6. “$260 Million Returns to ETFs in Two Days, Yet Weak Demand Persists—When Will Bitcoin’s Premium Return?”
7. “Approaching 5% Threshold: US Treasury-Linked Giants Reshape ETH Supply and Demand”
8. “Ondo Perps Exceeds $2 Billion in Trading Volume 48 Hours After Launch”