Ethereum fees sink to lowest level since 2017 as Fed rate cut fuels spot-led rally against Bitcoin

After the Federal Reserve delivered a quarter-point rate cut, Ethereum extended its advance above $3,300 and began outperforming Bitcoin near $92,000 as traders rotated into higher-duration assets. On-chain and derivatives data indicate the move has been driven by spot buying, with large holders accumulating nearly 1 million ETH and mainnet fees dropping below 300 ETH per day, the weakest revenue level since 2017, according to market data providers.