Ethereum weekly fees plunge 70% amid slowing DeFi activity

Ethereum's total weekly fees plunged 70.3% week-on-week to $2.12 million, according to DeFi analytics firm Sentora, formerly IntoTheBlock. The firm attributed the sharp decline to a slowdown in DeFi activity. This week also saw a net inflow of approximately $1.1 billion in ETH to major centralized exchanges. Such inflows are typically interpreted as a bearish signal, as funds are often moved to exchanges with the intent to sell.