According to CryptoPotato, Ethereum underwent a historic merge upgrade 19 months ago, but data shows that its native asset Ether (ETH) still cannot outperform Bitcoin (BTC). The ETH/BTC price ratio hit a three-year low of 0.044 again on Thursday, marking the first decline in Ethereum's market share against Bitcoin since May 2021.
Although Ethereum introduced a proof-of-stake consensus mechanism in its September 2022 merge upgrade and reduced ETH's inflation rate by 90%, ETH/BTC has fallen 45% since the merge. In addition, Bitcoin has gained some applications that were originally only available on Ethereum and other more programmable chains, such as Bitcoin Ordinals NFTs, Runes trading, and BitVM, and Ethereum still faces major regulatory issues.
Experts believe that the approval of Ethereum spot ETF products in the United States is unlikely. In addition, most altcoins, including Ethereum, appear to be under the monitoring scope of the U.S. Securities and Exchange Commission, which poses legal problems for exchanges and other companies that interact with these assets.
