crypto fundamentals are the strongest they’ve ever been but the market is still deep in a bear phase most blockchains are showing a downtrend in revenue growth. this means less on-chain activity and lower fees being generated. ethereum is still leading this week It’s currently the top chain by revenue over the last 7 days. hyperliquid is also seeing revenue decline. its chain isn’t being talked about enough, even though it deserves more attention. this looks like a reset phase. strong projects are surviving, while weak ones are being flushed out. these trends are likely to reverse to the upside next year as the market cycle shifts bear markets build the foundation. bull markets reward the patience.