ETH drops below $1,593, hitting a new low in over a year


Ethereum drops to $1,593, hitting the lowest level since 2024. A year ago ETH was at $2,400+. Down 34% in a year. What's more heartbreaking: ETH's decline this year (-34%) is even larger than BTC's (-32%).
The 'digital oil' narrative couldn't hold up. Why?
1. L2s diverted mainnet transaction volume and gas fees
2. The staking yield on revenue is less attractive to institutions than expected
3. Capital shifted to AI and RWA tracks
ETH has gone from 'the oil of the blockchain world' to 'an old platform that needs to prove it's still useful'.
It's not that ETH has no value; it's that the market temporarily doesn't care about ETH's value.
In a bear market, this is common.
#ETH #以太坊 #L2 #Bear market
ETH-5.45%
BTC-2.74%
RWA0.56%
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