According to BlockBeats, Markus Thielen, founder of 10x Research, said on social media that the correlation coefficient between BTC and ETH is as high as 95% in the current cycle. He believes that Ethereum's weak fundamentals are becoming an obstacle to Bitcoin because they prevent large-scale fiat currencies from flowing into the crypto ecosystem. In addition, Thielen said that in the previous 2020/2021 cycle, ETH was a driving factor because Ethereum was supposed to replace the traditional banking system. The minting of NFTs has opened up new areas of crypto adoption, which could have been extended to various personalized files on the blockchain, driving widespread "wallet" adoption. However, Ethereum developers did not respond quickly.