Crypto’s Q3 Rally Hid a Massive Revenue Slump

Fidelity Digital Assets’ Q4 Signals Report, published October 28 with data through September 30, found that Ethereum’s rolling 12-month network fees fell 31%, from $294 million to $204 million, even as its price rose 71% in the third quarter. Bitcoin rose 43%, while its Net Unrealized Profit/Loss, a measure of paper gains relative to aggregate cost basis, increased from 0.09 to 0.36, which the report described as largely a product of price appreciation rather than fresh capital. Solana rose 61%; its trailing 12-month fees dropped 13% to $193 million, though third-quarter daily fees annualized to about $224 million.