Three Reasons for Ethereum's Lackluster Market

1. After the ETF approval, net inflow of funds did not reach expected levels, compared to Bitcoin it is hundreds of times lower

2. L2 protocols have taken away a lot of Ethereum's business, and funds are not returning to Ethereum, leading to a lack of transaction fees for Ethereum

3. The market is particularly fragmented for Ethereum, with various meme projects like SOL, SUI, SUN, etc.

Ethereum is being siphoned off by various branches, and it is the holders of Ethereum who are paying the price for this energy drain.