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Was Ethereum ‘ultrasound money’ a mistake? ETH down 65% vs. BTC since pivot

cryptocurrency March 10, 2026

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Was Ethereum 'ultrasound money' a mistake? ETH down 65% vs. BTC since pivot

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Ethereum has failed to remain deflationary since the switch to Proof-of-Stake, as ETH’s price has disappointed Ether investors, particularly against Bitcoin.

Ether (ETH) has dropped roughly 65% against Bitcoin (BTC) since Ethereum’s 2022 shift to Proof-of-Stake (PoS), casting doubt on the network’s “ultrasound money” thesis.

Key takeaways:

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Lower fees and L2 growth have weakened Ethereum’s deflationary “ultrasound money” pitch.

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