Odaily Planet Daily News: @ Murphychen888 reported that since December 2022, ETH has been significantly weaker than BTC in key indicators such as capital inflows, position returns, and exchange traffic proportion.
Figure 1 shows that the proportion of ETH traffic on the exchange has continued to decline since the end of 2022, falling below 35%, far below the high of over 50% set in September 2021; In Figure 2, the MVRV indicator of ETH has been consistently lower than BTC since December 2022, reflecting the continued lag in unrealized profits for ETH holders; Figure 3 further indicates that since February 15, 2025, ETH has experienced a net outflow of capital, with $6.2 billion flowing out in just the past 30 days, while BTC has maintained a net inflow of $5.4 billion during the same period.
Analysis indicates that after ETH completed its transition from PoW to PoS on September 15, 2022, the attention of funds to it gradually weakened, and the market structure may have quietly changed. Restoring dominant position may require regaining the favor of capital.
