VanEck noted several reasons for the poor price performance of Ether (ETH) in its August report:

- Declining network revenue

- Political decisions

- Competition from layer-2 solutions and other blockchains

Competitors such as Solana (SOL), Sui (SUI), and Aptos (APT) are pulling speculative demand away from Ethereum.

Internal and external factors are suppressing the price of ETH, and network revenue has fallen by 99% since the Dencun update. 🚨