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Ethereum losing ground against Bitcoin has nothing to do with Ethereum (or Vitalik)
Within the course of the last 9 months, Ethereum has lost around half of its value compared to Bitcoin. As a result, Bitcoin market cap dominance rose to over 57%, the highest value recorded since May 2021.
But what is causing this flaccid movement, and will Ethereum be able to perform again?
Let’s review some of this decline’s most commonly quoted sources. This is not to point our finger at one source alone, but rather — to give you an overview of the various community concerns and their wider implication regarding Ethereum’s weak price action, and determine whether it’s do with Ethereum itself, or a wider industry trend.
Controversy Surrounding its founder Vitalik Buterin
People have speculated that Vitalik getting laid is having a bad influence over Ethereum, much like when Toby Maguire in Spiderman 2 decides to accept Venom and he acts all edgy and cool, but everyone hates him.
People speculate (half-jokingly) that Vitalik has started dumping Ethereum because of his girlfriend, as Vitalik’s most recent ETH dumps match the narrative.
In reality, Vitalik has been slowly offloading Eth since 2016.
However funny a hero-turned-villain-because-of-pussy character arc might sound, that’s not it, as his recent off-loading of ETH is not out of the ordinary. There’s nothing wrong with taking some profits here and there as needed, however, Vitalik denied him taking profits and has stated that his sell-offs are for the purpose of.
supporting various projects that I think are valuable, either within the Ethereum ecosystem or broader charity.
Ethereum Foundation Selloff
Regardless of this, Vitalik’s own selloffs are relatively small to the ones performed by the Ethereum Foundation itself. Again, similar to Vitalik’s approach, the foundation has been regularly selling Eth as and when required.
