The attention on ETH funds has明显 decreased since December 2022, with on-chain data and exchange traffic weakening in sync.

Odaily News @Murphychen888 stated that since December 2022, ETH has significantly underperformed BTC in key metrics such as capital inflow, Holdings yield, and exchange traffic share. Figure 1 shows that the proportion of ETH traffic on exchanges has continued to decline since it fell below 35% at the end of 2022, far below the over 50% high recorded in September 2021; in Figure 2, the MVRV indicator of ETH has been consistently below BTC since December 2022, reflecting that the unrealized profits of ETH holders have been lagging behind; Figure 3 further points out that since February 15, 2025, ETH has experienced a net capital outflow, with $6.2 billion flowing out in the past 30 days, while BTC maintained a net inflow of $5.4 billion during the same period. Analysis indicates that after ETH completed its transition from PoW to PoS on September 15, 2022, capital's attention gradually weakened, and the market structure may have quietly changed. To regain its dominant position, it may need to re-attract capital's favor.