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To the ether, things don’t look good. The chart below shows very clearly how painful the current spot ETH pain is.
Marc-Thomas Arjoon of Blockworks Research noted that ETH has the lowest quarterly return since the second quarter of 2022.
As I said above, part of the pressure is macros, as people drop risky assets like hot potatoes to protect themselves. But let’s be clear. Ethereum has no one to blame itself.
“Ethereum’s foundations have also weakened, with actual economic value (Rev) falling 48% a month to the lowest since July 2020. Despite these setbacks, Ethereum has maintained its dominance in the stable market, maintaining a record $124B with record market cap and continued growth in chain activity.
The network continues to sit at a “pivotal point.”