Hedge fund chief investment officer Quinn Thompson has declared Ethereum “completely dead” as an investment. This comes after a sharp decline in network usage and fee revenue, which according to Thompson reflects investor returns being diluted and the value of Ethereum shifting elsewhere. 2024 saw a 3% year-over-year increase in Ethereum’s total fee revenue, despite the ongoing decrease in on-chain metrics such as active addresses and transaction volume. This decline has been attributed to Layer-2 scaling solutions like Arbitrum and Optimism, which have helped reduce user costs but also drained volume away from Ethereum’s mainnet. These developments contribute to growing concerns about the asset’s long-term value proposition.