Why is ETH bleeding so much

Compared to BTC. Compared even to some alts. ETH has been bleeding against the USD non stop these last ten weeks.
Could it be possible for ETH to fall into relevancy at this pace?

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vitalik died

wtf is this real
selling my ethereums

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Because literally every other L1 is better than ETH. Each time I consider converting to an ERC20 token I notice the $20+ in fees and I wonder who the fuck actually uses this chain.

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It's true but only a handful of whales know. keep it on the DL for now. Will be widespread news on Tuesday.

Dude, not everyone is out. Stop saying it out loud

last cycle, eth held up really well at first against btc in the first half of the bear market. it eventually slipped and bled out pretty badly.

Shut the fuck up you privileged cunt my alts are down literally -90% against ETH since may 2021

I hate rabiposters so much you wouldn't believe

What even is ETH's plan for the future? Is it going 2.0, changing to PoS? Or do they just keep cludging the current thing together? Is it a new status quo, a democratic cypherpunk rebellion against old institutions? Or is it a utility for old institutions to build on? Is it a casino for dogfood coins and ponzi schemes dressed up in banking lingo, or is it web 3.0, serious business, real utility?

ETH has no identity and its future is totally unclear. Why would it perform well?

You had the same privileges to not buy bingus coin

Correct me if I'm wrong but isn't going PoS going to kill it completely.

That just means that large holders will continuously dump their staked rewards, suppressing the price with no end in sight

It makes Bitcoin just so much more important since it will become more and more scarce.

Going PoS means a huge ragedump from miningjews

well they aren't mining shit now anyway

on that note what are the most mined coins these days anyway?

>I notice the $20+ in fees and I wonder who the fuck actually uses this chain
This must be the dumbest shit I read in a while since everybody knows the more people use a blockchain the higher the fees gets. On a side note that's why your small pee pee eth killers, kek, have such low fees; because nobody use them, dumb fuck

What do you expect from a shitcoin?

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>t. doesn't understand why fees are high

Many tokens have much of their liquidity in ETH pairs.
When people cash out to USDC, the swap is often routed through the ETH-USDC pair i.e. MATIC -> ETH -> USDC.
In a bear market, people exit from shitcoins into stables and bluechips, which causes ETH/BTC to fall.
In a bull market, people lock up ETH to yield farm, which causes ETH to rise.

wtf is this a good explanation on Any Forums

My theory is that crypto better tracks the economy than the stock market/ and in the real world things aren’t so rosy as stocks have us believe.

OR, most of these coins have limited to zero actual use case and are just stores of value one crisis away from being lost.

Not sure which, but let’s be real the actual use case of many of the crypto’s is limited for normal people

It also shows why most of crypto space is a giant Ponzi scheme

Did he choke to death on some WEF brand bug protein powder

MUH FLIPPENING
HAHAHAHAHAAAAAA

the classic "no one goes to that restaurant because it's too crowded" logic

Amazing world of gumball? Love that anime

There's much less liquidity on other chains. If I want to swap 100k USDC to BTC, even on a fairly large chain like Polygon I'd get $200+ less BTC than if I was to swap on Uniswap on the ETH mainnet.

Well even fiat is a Ponzi scheme. The difference is I have to pay my taxes in my local fiat.