Ethereum has been significantly underperforming Bitcoin since the switch to Proof-of-Stake (PoS) on September 15, 2022.

- According to CryptoQuant, the main reasons are supply inflation dynamics and weak network activity.

- The ETH/BTC price has fallen by 44%, reaching 0.0425, the lowest level since April 2021.

- ETH spot trading volume has declined compared to BTC.

- Lower transaction fees and ETH supply inflation are also contributing to the decline.

Experts believe that Ethereum may continue to fall against Bitcoin.