Ethereum has failed to remain deflationary since the switch to Proof-of-Stake, as ETH’s price has disappointed Ether investors, particularly against Bitcoin.
Ether (ETH) has dropped roughly 65% against Bitcoin (BTC) since Ethereum’s 2022 shift to Proof-of-Stake (PoS), casting doubt on the network’s “ultrasound money” thesis.
Key takeaways:
Lower fees and L2 growth have weakened Ethereum’s deflationary “ultrasound money” pitch.
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