ETH Gas Fees Dropped 90% — Wrong Take Alert

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Jun 3, 2026
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Everyone is wrong about ETH gas fees. Yeah fees dropped 90% — but the crowd is reading it backwards. Cheap gas sounds bullish. It's not automatically. Low base layer fees mean demand for L1 block space has cratered. Less demand means less ETH burned. Less burn breaks the ultrasound money thesis — the deflation narrative that drove ETH's last major run. Now here's the real alpha. EIP-4844 and proto…