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Ethereum ($ETH) continues to perform poorly against Bitcoin, with data showing that $ETH has fallen by 70% against $BTC since the merger.
While analysts expected the September 2022 Merge upgrade to be good for $ETH, more than two years later, Ethereum’s performance tells a different story.
Bitcoin has gained approximately 160% in value against Ethereum since Mertge.
While Ethereum's failure to meet expectations and its weak performance against Bitcoin increased concerns about $ETH's market position, Alphractal CEO Joao Wedson announced important data regarding Ethereum.
Noting that long-term Ethereum investors have reduced their positions since the Merge, Wedson said that wallets holding 100,000 $ETH or more have greatly reduced their holdings.
“The worst thing that ever happened to Ethereum was The Merge.
Despite initial expectations of deflationary benefits, $ETH supply growth following the Merge stalled due to lower network activity and reduced transaction fees.
Long-term and short-term investors stopped accumulating $ETH after Merge, i.e. since September 2022.
“Exchange addresses, old miners, and even funds with more than 100k $ETH are not buying.”
The CEO of Alphractal said that while Ethereum investors have been decreasing and losing confidence, wallets holding 100,000 $BTC and 1 million $BTC have increased significantly since the Merger.
Finally, Wedson stated that Bitcoin and Solana (SOL) continue to gain the market share that Ethereum has lost, adding that although there is a short-term recovery in Ethereum, the risk of a long-term decline continues.
*This is not investment advice.