ALADDIN š£š®
@aladdin-x8.eth
š§µ Ethereum H1 2025 Recap: Tech wins, market struggles Despite major upgrades & innovations, #Ethereum is lagging š š§ Pectra & Dencun ā š Price -65% from peak āļø ETFs, staking, & derivatives paint a mixed picture Hereās the state of $ETH š š Underperformance: ā¢ Current cycle: +238% vs +4926% last cycle ā¢ ETH/BTC ratio at 0.026 (lowest since Jan 2020) ā¢ Price still below ATH ā unlike $BTC & $SOL š„ Staking & Supply: ā¢ 34.2M ETH staked (28.3% of supply) ā¢ Net supply inflation: +294k ETH (due to Dencun & low gas fees) š§Ŗ Validator Update: ā¢ 1.06M active validators ā¢ New cap: 2048 ETH/validator boosts efficiency ā¢ Unstaking wave from NovāFeb now stabilizing š Market Weakness: ā¢ Spot volumes -80% from peak ā¢ Realized Cap up just +38% ($67B inflows) ā¢ MVRV fell from 2.35 ā 1.35 (avg investor +35% unrealized gains)
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ALADDIN š£š®
@aladdin-x8.eth
š Derivatives Boom: ā¢ Futures OI: $16.3B (perps), $3.4B (calendar) ā¢ CME holds 15% of ETH futures OI ā¢ Options OI peaked at $13.7B, now $6.4B š¦ ETF Impact: ā¢ Launched July 2024 into weak sentiment ā¢ 3.47M ETH AUM (~$9B, 2.9% of supply) ā¢ Avg cost basis: $3.3K (BlackRock), $3.5K (Fidelity) ā¢ Most holders down ~21% š ETF flows slowed due to underwater positions + cash-and-carry unwinding š Recent bounce in CME OI + ETF inflows suggest renewed interest forming ā ļø Bottom Line: Ethereum is innovating at the protocol level, but the market hasn't caught upā¦ yet. Institutions are cautious, traders are rotating capital, and $ETH is stuck mid-cycle.
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