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For ether, things aren’t looking good. The chart below very clearly shows just how painful of a spot ETH is in right now.
Blockworks Research’s Marc-Thomas Arjoon noted that ETH had its lowest quarterly return since Q2 2022. Yikes.
Like I said above, some of the pressure is macro, as folks drop their risk assets like hot potatoes to protect themselves. But let’s be clear: Ethereum also has no one to blame but itself.
“Ethereum’s fundamentals also weakened, with Real Economic Value (REV) dropping 48% month-over-month to $37M, its lowest since July 2020. Despite these setbacks, Ethereum maintained its dominance in the stablecoin market, with a record $124B in market cap and continued growth in on-chain activity,” Arjoon wrote.
The network, Arjoon continued, sits at a “pivotal juncture.”
