Bitwise says Ethereum, Solana and Avalanche are becoming busier and cheaper to use even as the tokens associated with the three networks decline, highlighting what the crypto asset manager describes as a widening gap between on-chain fundamentals and market prices.

The activity-and-cost argument appears in Bitwise’s Bitwise Staking Report for Q3 2026. In the report, Bitwise groups Ethereum, Solana and Avalanche as networks where usage is increasing while transaction costs are falling.

Bitwise links that observation to token price declines across the same three ecosystems, presenting stronger network activity as a contrast to weaker market performance. The interpretation is Bitwise’s own framing and was not independently verified in the source article.

Key Points

Bitwise, in its Q3 2026 staking report, describes Ethereum, Solana and Avalanche as networks that are becoming busier and cheaper to use.

The report’s central contrast is that token prices for all three networks are falling at the same time.

The claim focuses on network activity and transaction costs, not on a forecast for token prices.

Why Network Usage Can Diverge From Token Prices

A token’s price reflects what buyers and sellers are paying in the market, while network activity measures how much a blockchain is being used. Bitwise’s argument focuses on the second measure, saying Ethereum, Solana and Avalanche are seeing more usage at lower cost regardless of where their tokens trade.

That distinction matters because transaction costs affect how practical a network is for users and applications. Lower fees can make routine on-chain activity less expensive, while higher activity can indicate that more transactions are being processed. Those measures describe network use, but they are separate from the market price of the related token.

Rising activity combined with falling fees is often viewed as a constructive network signal because it suggests demand for blockspace is growing while the network remains affordable to use. Independent reporting on Ethereum fees and staking activity has pointed in a similar direction for at least one of the three chains.

However, stronger on-chain fundamentals do not guarantee a token price recovery. Bitwise’s argument describes what it says is happening on-chain rather than predicting that market prices will follow. The firm’s broader view that the next crypto bull run will be slower and less volatile also indicates that it is not making a call for an immediate rebound.

What Would Confirm the Claim

Verifying that Ethereum, Solana and Avalanche are genuinely becoming busier and cheaper would require three direct comparisons over the same period: transaction activity, fees or costs per transaction, and token price performance.

The research cited in the source article did not independently verify those metrics. Readers can compare on-chain and market data themselves by reviewing network fee and usage dashboards alongside spot prices for the three tokens. Using the same time window is important, because a network can show higher activity over one period while token prices are measured over another.

For context, Bitwise has been expanding its exposure to these ecosystems, including through a Bitwise Avalanche ETF with staking exposure. The firm has also previously said Bitcoin and Ethereum could reach all-time highs by 2026.

Until the underlying activity, fee and price data are checked side by side, the busier-and-cheaper thesis should be treated as Bitwise’s position rather than an established fact. The next step is matching each part of the claim to the data on which it depends.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk.