Citigroup: ETH has fallen by over 20% year to date, but fundamentals are improving

The latest report from Citibank indicates that the price of Ethereum (ETH) has fallen by over 20% this year, but its fundamentals are improving. The total value locked in (TVL) on the Ethereum network has significantly increased, while the Ethereum ETF continues to attract capital inflows, with a cumulative inflow of $3.2 billion since its launch in July. In addition, the popularity of related searches is also on the rise. Despite recent fluctuations in user activity, Citigroup analysts say that Ethereum's fundamentals are not entirely pessimistic. The report also mentioned that former US President Trump's World Liberty Financial holds over $200 million in Ethereum, which could be seen as an additional impetus for the US to strengthen its support for the cryptocurrency industry. Meanwhile, the weak performance of Ethereum is consistent with the rise in Bitcoin's dominance rate, which has now reached a multi-year high of over 60%.