On-chain data shows retail trading volumes have been stagnant, with Coinbase's DEX trading volume down 30% YoY. Lower fees could catalyze inflows - stablecoin reserves on exchanges have risen 15% this month, signaling traders may be positioning for increased activity. Whale wallets (10k+ ETH) have also been accumulating, with a net inflow of 120k ETH to exchanges in the past week.

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