The news content discusses Ethereum's poor performance against Bitcoin since the Merge upgrade in September 2022. Ethereum has fallen by 70% against Bitcoin, while Bitcoin has gained approximately 160% in value against Ethereum. The weak performance of Ethereum has raised concerns about its market position. The CEO of Alphractal, Joao Wedson, revealed that long-term Ethereum investors have reduced their positions since the Merge, with wallets holding 100,000 ETH or more significantly decreasing their holdings. Wedson also noted that wallets holding 100,000 BTC and 1 million BTC have increased significantly since the Merge. He further mentioned that Bitcoin and Solana are gaining the market share that Ethereum has lost, and although there might be a short-term recovery in Ethereum, the risk of long-term decline remains. This summary does not provide investment advice.



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