Ethereum's on-chain inertia in 3 charts

In case you missed it, the average fee to interact with the Ethereum blockchain dropped to $3.14 yesterday, marking a 6-month low for the network:

And yet, despite the fee 'discount', the amount of daily ETH addresses continues to decline (shrinking by -30.5% in the past month):

As is the amount of unique ETH moving on the network daily, which recently dropped to a 6-month low 607k:

If you needed any more proof of just how fearful the market is at the moment (and that some holders have likely retreated completely for the time being), this should do the trick.