ChainCatcher news, BitMEX CGO Raphael stated that ETH/BTC has currently retraced all the gains since the EIP-1559 upgrade to a deflationary mechanism in 2021. Bitcoin consistently outperforming Ethereum is becoming a fundamental expectation in the market. The inflow of funds into Bitcoin ETFs is often more than 100 times that of Ethereum.MicroStrategy continues to raise billions of dollars to purchase Bitcoin, and some large publicly listed companies (such as Tesla) also hold Bitcoin instead of Ethereum.

ChainCatcher news, according to Cointelegraph, the total market capitalization of the cryptocurrency market has dropped by $510 billion. CryptoQuant certified author Binhdangg stated on August 6 that after Black Monday, over 60% of the top 50 cryptocurrencies by market capitalization have lost all their gains during 2024.

ChainCatcher message, the market shows that the current Ethereum price ($2272) has erased all gains this year, equivalent to the opening price of the K-line on January 1.