CoinMeta data: USDT holders are reducing risk as Ethereum transaction fees drop to lows. According to Santiment data, Ethereum lost 251,350 non-empty wallets in 11 days, marking the largest short-term decline since the market turmoil of FTX in December 2022. Meanwhile, Ethereum's average transaction cost has dropped from $0.72 on April 21 to $0.095, a reduction of 86.8%. This change is related to the Layer-2 expansion and higher Blob capacity; networks such as Arbitrum, Optimism, Base, and Linea are absorbing high-frequency micro-transactions, alleviating the pressure on Ethereum's mainnet. Although the decrease in USDT may indicate that market participants are readjusting their portfolios under uncertain market conditions, the lower Ethereum transaction fees provide DEFI users with less transaction friction.