Is abandoning miners a blunder for ETH? Analysis: After Ethereum's shift to PoS in 2022, "funding attention has been decreasing"

Compared with Bitcoin can always reach new highs, Ethereum is getting farther and farther away from the all-time high of $4891 in 2021, and when the market continues to question Ethereum, on-chain data analyst Murphy analyzed today that Ethereum's shift from PoW mining to PoS consensus mechanism in 2022 may be the main reason for the weakening of the Ethereum trend. (Synopsis: Ethereum's handling fee hit a five-year low, and the community set off the "L2 poison theory": there are no cars on the road, and V God is still laughing and building highways) (Background supplement: A single family is so big that it makes enemies on all sides, is Ethereum okay? Ethereum's recent performance has been sluggish, and there has been a growing wave of doubts about Ethereum, which fell below $3,000 in February, $2,000 in March, and even below $1,500 in April, further and further away from the all-time high of $4,891 set in 2021, and the market sentiment has gradually shifted from doubt to despair and abandonment. In this regard, on-chain data analyst Murphy released ETH on the 20th based on the analysis of token flow and value ratio, pointing out that whether from the trading platform data or on-chain data, the time of the inflection point of ETH trend seems to be December 2022, just after Ethereum switched from PoW to PoS, the shift to PoS seems to be the main reason for Ethereum's decline. Turn PoS into the main reason for the trend of Ethereum? Murphy pointed out that since the end of December 2022, the proportion of ETH traffic on the exchange has fallen below 35%, which reached more than 50% in September 21, indicating that ETH can compete with BTC in the proportion of inflow/outflow of exchanges, but now the proportion has dropped significantly, which means that funds are paying less and less attention to ETH. ETH/BTC exchange traffic ratio. Murphy found that since December 2022, BTC's MVRV "market value to real value ratio" (blue line) and ETH's MVRV (yellow line) have diverged significantly, and for up to 7 years, this indicator has been alternately dominant, that is, sometimes ETH is stronger, sometimes BTC is stronger: Now the blue line is always below the yellow line, which means that since December 22 until today, the unrealized profit of ETH holders has always been lower than BTC. BTC, ETH MVRV Comparison Whether from exchange data or on-chain data, Murphy pointed out that the inflection point of Ethereum seems to be December 2022, and coincidentally, on September 15, 2022, the Ethereum mainnet merged with the beacon chain, completely ending PoW mining and switching to the PoS consensus mechanism, just after that, everything changed. Capital inflows to the two mainstream assets, BTC and ETH, have decreased significantly since December last year as sentiment has weakened, but even so, BTC has maintained a positive inflow of $5.4 billion for 30 days; ETH, on the other hand, has turned into a net outflow of capital from February 15, with an outflow of $6.2 billion on the 30th as of yesterday. BTC, ETH capital inflow changes, ETH can return to glory? As for when ETH can make a comeback, Murphy said that only the attitude of funds can determine prices and trends, and when ETH starts to re-dominate the attention of funds, ETH can be better again, he believes that ETH is better to have a new narrative, and it is better that other chains can't do it. Related stories Ethereum faces generational calls! V God: The growth of the application layer needs more "good social philosophy", naming the advantages and disadvantages of the application Xiao Feng Hong Kong Dialogue Vitalik: One year to learn Chinese, Ethereum Foundation opens a branch in Hong Kong: Ethereum whale surrenders! 65,000 ETH long positions were almost all stopped last night, and "multiple times on the verge of liquidation" is too torturous 〈Abandoning miners into ETH failures? Analysis: After Ethereum switches to PoS in 2022, "capital attention is getting lower and lower" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".