10x Research Founder: The Weak Fundamentals of ETH Are Becoming an Obstacle for BTC

ChainCatcher news, 10x Research founder Markus Thielen stated on social media that BTC and ETH remain highly correlated in this cycle, with a correlation coefficient reaching 95%. The weak fundamentals of Ethereum are becoming a barrier for Bitcoin, as they hinder large-scale fiat inflows into the crypto ecosystem.

Additionally, Markus Thielen mentioned that in the previous 2020/2021 cycle, ETH was a driving force, as Ethereum was supposed to replace the traditional banking system. The minting of NFTs opened up new areas for crypto adoption, which could have expanded to various personalized files on the blockchain, driving widespread "wallet" adoption. However, Ethereum developers did not respond quickly.