Altcoins News

Story: Ethereum Loses Ground to Bitcoin After Proof-of-Stake Switch

By Bruce Buterin

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Ethereum can't catch a break. The network switched to Proof-of-Stake in September 2022 through "The Merge," promising lower energy use and better security, but investors wanted…

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ETH's price fell hard against Bitcoin since the switch, dropping roughly 65% in that comparison.

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Ethereum's team stays upbeat about the long game, pointing to energy savings and scalability improvements from the Merge. But traders aren't buying it right now.

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ETH hit $1,200 on March 1, 2026 - way down from its $4,800 peak back in November 2021. That's the kind of drop that makes investors question everything.

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Institutional money is getting cold feet. Grayscale Investments cut its Ethereum Trust holdings according to their February 2026 quarterly report.

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JPMorgan analysts warned clients about Ethereum on March 5, 2026. They said the tech improvements are nice, but market pressure and competition will probably keep hurting ETH's…

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And the competition is heating up. Binance announced on March 8, 2026 that it's boosting support for other blockchain networks.

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Gas fees remain a nightmare. Users still pay around $15 per transaction as of March 9, 2026, even after the Proof-of-Stake switch.

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The "Shanghai" upgrade is supposed to fix some scalability issues later in 2026, but nobody knows exactly when it'll drop or if it'll actually work as promised.

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Goldman Sachs wasn't gentle in their March 7, 2026 report on Ethereum. They basically said the tech advances are cool but probably won't be enough to keep investor confidence up…

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ConsenSys tried to inject some optimism on March 6, 2026 by announcing partnerships with DeFi projects.

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DeFi itself is struggling on Ethereum. Total value locked in DeFi projects fell 15% in February 2026, according to DeFi Pulse data.

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Regulatory pressure is building too. The SEC said on March 9, 2026 that it's reviewing how certain Ethereum-based tokens should be classified.

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The Ethereum Foundation still hasn't put out any official statement about the price decline or investor concerns.

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The broader crypto market dynamics aren't helping Ethereum's case either. Bitcoin ETFs pulled in $2.

The Currency Analytics

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