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