Despite facing significant fluctuations and high volatility in Q2 2023, Ethereum demonstrated resilience and attracted an influx of new users to its protocol. The platform displayed substantial growth in various aspects during this period, including an increase in market cap dominance.

Ethereum's strong tokenomics, including a surge in base fee burn and unlocking of staking, played a pivotal role in driving its performance and attracting more flows into staking contracts. Traders were feeling bullish about ETH's future, as indicated by the declining put-to-call ratio for ETH.