Ether has dropped over 20% this year, but Citi analysts say fundamentals are improving, with total value locked on the Ethereum blockchain rising dramatically. They also noted that ether exchange-traded funds (ETFs) are still seeing inflows and search interest is increasing.
Ether has dropped over 20% this year, but fundamentals are improving, the report said.Bitcoin dominance is now at multi-year highs, the bank said.
"While user activity has been volatile in recent weeks, the fundamental backdrop is not all that murky," analysts led by Alex Saunders wrote. Following the U.S. election in November, ether ETF flows turned positive, the report noted, with total inflows of $3.2 billion since their JulyStronger user growth on layer-2s and rival blockchain's such as Solana has raised questions about Ethereum's competitive advantage, the report said.holds more than $200 million of ether, and this could be viewed as "additional motivation for ensuring the U.S. strengthens its support for the crypto industry," the bank said.
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