According to BlockBeats, on September 6, according to CryptoQuant's analysis report, since switching to a proof-of-stake network, Ethereum has lagged behind Bitcoin by 44% over the same period. Analysts say Ethereum could fall further due to weakening network activity and increased supply. Next week marks the second anniversary of Ethereum's switch to a proof-of-stake network. Even after the Ethereum spot ETF was approved in the United States on July 23, Ethereum continues to underperform Bitcoin, with the ETH/BTC exchange rate currently at 0.0425, the lowest level since April 2021.

“Since the merger, Ethereum has also underperformed altcoins such as Solana and BNB, lagging behind by 53% and 18% respectively,” said Julio Moreno, head of research at CryptoQuant. CryptoQuant analysts added that Ethereum is still above the undervalued zone. We estimate that based on Bitcoin as the exchange rate, Ethereum needs to fall to around 0.02, a 50% drop, to enter the undervalued zone.”

CryptoQuant analysts also highlighted supply dynamics that are unfavorable to Ethereum prices: “Since early April, shortly after the latest Dencun upgrade, Ethereum’s total supply has been growing continuously. The total supply currently stands at 120,323, the highest level since May 2023.”