Ethereum's revenue has significantly decreased to $604 million, a sharp decline from $2.52 billion at the beginning of the year. This drop is attributed to the growing dominance of Layer 2 solutions such as Base, Arbitrum, Optimism, and Polygon, which are capturing a larger share of transaction value. Consequently, the settlement fees returned to Ethereum have remained low, impacting its direct fee capture. BitMine (BMNR), which holds 3.66 million ETH, has seen its token value fall by 32% year-to-date. This has prompted investors to shift their focus towards altcoins, as the on-chain dynamics continue to evolve with the rise of Layer 2 networks.