Bitwise says the Ethereum, Solana and Avalanche networks are getting busier and cheaper to use even as the tokens tied to them slide, a claim that frames a widening gap between on-chain fundamentals and token prices for these three major networks.
The activity-and-cost thesis comes from Bitwise, the crypto asset manager, which laid out the argument in its Bitwise Staking Report for Q3 2026. The report groups Ethereum, Solana and Avalanche together as networks where usage is rising while transaction costs fall. For related coverage, see Bitcoin Faces Resistance After $76K Rally, Says CryptoQuant.
Bitwise ties that observation to token price declines across the same three networks, presenting stronger usage as a counterpoint to weaker market performance. The framing is the firm’s own interpretation and is not independently verified here. For related coverage, see Sberbank Plans Crypto Trading Infrastructure Launch in 2026.
Why Network Usage Can Diverge From Token Prices
Token price reflects what buyers and sellers pay on the market, while network activity measures how much the chain is actually being used. Bitwise’s claim rests on the second, arguing that Ethereum, Solana and Avalanche are seeing more usage at lower cost regardless of where the tokens trade.
Rising activity paired with falling fees is often read as a constructive signal, because it suggests demand for blockspace is growing while the network stays affordable. Independent reporting on Ethereum fees and staking activity points in a similar direction on at least one of the three chains.
Stronger fundamentals do not guarantee a price recovery. Bitwise’s argument describes what is happening on-chain, not a forecast that token prices will follow. The firm’s broader view that the next crypto bull run will be slower and less volatile underscores that it is not calling for an immediate rebound.
What Would Confirm the Claim
Confirming that these networks are truly busier and cheaper requires three concrete checks: transaction activity, fees or costs per transaction, and token price performance over the same window. The current research for this article did not independently verify any of those metrics.
Readers can watch on-chain and market data to test the thesis themselves, including network fee and usage dashboards alongside spot prices for the three tokens. For context, Bitwise has been expanding its exposure to these ecosystems, including a Bitwise Avalanche ETF with staking exposure and earlier calls that Bitcoin and Ethereum could reach all-time highs by 2026.
Until the underlying activity, fee and price figures are checked side by side, the busier-and-cheaper thesis should be read as Bitwise’s position rather than settled fact. The next step is matching each part of the claim to the data it depends on.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
