ETH posted the biggest loss out of the top 10 cryptocurrencies, down 1.7% on the day to $2,552, falling from a 24-hour high of $2,620. It had climbed to a two-month high of $2,750 on Oct. 21 before dropping.

Onchain data shows Ethereum’s high transaction fees are disincentivizing activity on the blockchain, which reduces the demand for ETH staking and could be damping investor optimism.