According to Odaily Planet Daily, Markus Thielen, head of research at 10x Research, said that it would be difficult for Ethereum to achieve a meaningful rebound in 2025, and ETH is expected to underperform BTC again.
Thielen noted that the one-month growth rate of Ethereum validators has turned negative, falling by about 1% in the past 30 days, raising concerns about the risk of validators exiting the network.
He believes that Ethereum lacks real demand beyond staking and is skeptical about the Pectra upgrade in early 2025, saying that only two of the past 19 upgrades had a clear positive impact on ETH prices.
