Famous CEO Explains Ethereum's Worst Case Scenario: 'Investors Turned to Bitcoin and This Altcoin Instead of ETH'!

Ethereum (ETH) According to data, ETH has continued to underperform against Bitcoin and has dropped by 70% since the merge with BTC.

While analysts expected the September 2022 Merge upgrade to be good for ETH, Ethereum's performance tells a different story after more than two years.

Because Bitcoin has gained about 160% value against Ethereum since Mertge.

As Ethereum's failure to meet expectations and weak performance against Bitcoin increase concerns about ETH's market position, Alphractal CEO Joao Wedson revealed important data on Ethereum.

Wedson stated that long-term Ethereum investors have reduced their positions since the Merge, with wallets holding 100,000 ETH or more significantly decreasing their assets.

The worst thing that happened to Ethereum was The Merge.

Despite expectations of deflationary benefits initially, ETH supply growth stalled after the Merge due to reduced network activity and lower transaction fees.

Long-term and short-term investors have stopped accumulating ETH since the Merge, i.e. since September 2022.

Even stock exchanges, old miners, and funds with over 100,000 ETH are not buying.

Alphractal CEO said that while Ethereum investors decrease and lose their confidence, wallets holding 100,000 BTC and 1 million BTC have significantly increased since the Merge.

Wedson stated that while Ethereum has lost market share, Bitcoin and Solana continue to gain market share. Although there may be short-term recovery in Ethereum, he added that there is still a risk of long-term decline.