Despite reaching an all-time high of $4,957 in August, Ethereum’s revenue saw a significant drop. According to data from Token Terminal, Ethereum’s network fees and associated revenue fell by about 44% in August compared to July, dropping to over $14.1 million. This decline coincides with the platform’s growing market value, driven partly by institutional investments and DeFi growth. However, critics express concern over the sustainability of Ethereum’s financial model, arguing its declining fees signal a potential lack of viability. 2025 has seen Ethereum attracting institutional interest from firms like Bitwise, which is exploring the use of ETH for yield-bearing strategies involving staking.