According to ChainCatcher, blockchain data analyst Murphy released an analysis of ETH based on token flow and value ratio. Since the end of December 2022, ETH's share of trading platform traffic has fallen below 35%, which once reached over 50% in September 2021, indicating that ETH's inflow/outflow proportion could previously compete with BTC, but now the significant decline suggests decreasing investor attention to ETH.
From December 2022, the MVRV (Market Value to Realized Value) ratio of Bitcoin (blue line) and Ethereum (yellow line) showed a clear divergence. Before this, for 7 consecutive years, this indicator had alternately dominated, sometimes ETH being stronger, sometimes BTC. Now, the blue line remains below the yellow line, meaning that since December 2022, ETH holders' unrealized profits have consistently been lower than BTC's. Whether from trading platform data or on-chain data, Ethereum's trend seems to have reached an inflection point in December 2022. Coincidentally, on September 15, 2022, Ethereum's mainnet merged with the Beacon Chain, completely ending PoW mining and transitioning to PoS consensus mechanism, after which everything changed.
As sentiment weakens, capital inflows for the two major mainstream assets, BTC and ETH, have significantly decreased since last December. However, BTC still maintains a positive inflow of $5.4 billion in 30 days, while ETH has turned to net capital outflow since February 15, with nearly $6.2 billion flowing out in the past 30 days. Capital attitude is a crucial condition determining price and trend, and ETH will need to wait to regain market focus.
