Odaily News @Murphychen888 posted that since December 2022, ETH has been significantly weaker than BTC in key indicators such as capital inflows, holding returns, and exchange traffic share. Figure 1 shows that ETH's share of exchange traffic has continued to decline since it fell below 35% at the end of 2022, far below the high of more than 50% set in September 2021; in Figure 2, ETH's MVRV indicator has been lower than BTC for a long time since December 2022, reflecting that the unrealized profits of ETH holders continue to lag behind; Figure 3 further points out that ETH has experienced a net outflow of capital since February 15, 2025, with an outflow of $6.2 billion in the past 30 days alone, while BTC still maintained a net inflow of $5.4 billion during the same period. Analysis shows that after ETH completed the transition from PoW to PoS on September 15, 2022, the attention of funds to it has gradually weakened, and the market structure may have quietly changed. To regain its dominant position, it may be necessary to regain the favor of capital.