Ethereum Has Been Destroyed Against Bitcoin Since the Merge.

By Market Unfiltered · Published May 11, 2026 · 1 min read · Source: Cryptocurrency Tag

Member-only story

Ethereum Has Been Destroyed Against Bitcoin Since the Merge.

So Why Am I Still Watching It So Closely?

For the past couple of years, I’ve watched crypto Twitter swing between two extremes whenever Ethereum comes up.

One side treats ETH like the future of finance, AI, stablecoins, tokenization, and the entire internet rolled into one giant asset.

The other side acts like Ethereum already lost the war to Bitcoin, Solana, and every shiny new chain that popped up during the last cycle.

And honestly? I understand both arguments. Because when you strip away narratives and tribalism and actually stare at the numbers, Ethereum has looked terrible against Bitcoin ever since the Merge.

Since Ethereum transitioned from proof of work to proof of stake, ETH has underperformed BTC by roughly 65%.

That’s an astonishing number when you think about how dominant Ethereum once looked heading into 2021.

Back then, people genuinely believed ETH would eventually challenge Bitcoin’s throne.

There were endless discussions about “flippening” scenarios. Institutions were warming up to Ethereum. DeFi activity exploded. NFTs became mainstream. Stablecoins settled billions on Ethereum rails.

This article was originally published on Cryptocurrency Tag and is republished here under RSS syndication for informational purposes. All rights and intellectual property remain with the original author. If you are the author and wish to have this article removed, please contact us at [email protected].