Ethereum turns to POS for two years, with a performance lagging behind Bitcoin by 44% during the same period.

According to the analysis report by CryptoQuant, since switching to the Proof of Stake network, Ethereum has underperformed Bitcoin by 44% during the same period. Analysts suggest that due to weakened network activity and increased supply, Ethereum may further decline. Next week marks the two-year anniversary of Ethereum's transition to the Proof of Stake network, and despite the approval of the Ethereum Spot ETF in the United States on July 23, Ethereum's performance continues to lag behind Bitcoin, with the ETH/BTC Exchange Rate currently at 0.0425, the lowest level since April 2021.
CryptoQuant research director Julio Moreno said, 'Since the merger, Ethereum has underperformed Altcoins such as Solana and BNB, falling behind by 53% and 18% respectively.' CryptoQuant analysts added that Ethereum is still above the undervalued zone. We estimate that based on the Exchange Rate calculated with BTC, Ethereum needs to fall to around 0.02, a 50% fall, to enter the undervalued zone.
CryptoQuant analysts also emphasized the supply dynamics that are unfavorable to the price of Ethereum: 'Since early April, shortly after the latest Dencun upgrade, the total supply of Ethereum has been rising continuously. The current total supply is 120,323,000, the highest level since May 2023.'