ETH on-chain activity at 0.9x baseline – attention stirring but not yet blazing

282 transactions and roughly $35m in transfer volume over the last hour. That’s elevated relative to ETH’s own normal pace, but it hasn’t crossed into the kind of outlier zone that signals a sudden spike in real economic movement.

What’s worth noting is the ratio itself – 0.9x says the network is busier than its quiet hours, just shy of the threshold where heat becomes obvious.