The $ETH /$BTC chart has dropped to levels not seen since June 2020.

Back then, ETH was trading around $200, blockchain activity was minimal, and the network’s total value locked (TVL) was just $2 billion. Today, Ethereum’s TVL stands at $50 billion.

Is this a historic entry point—or is the market pricing in a slow but steady death of ETH in favor of competitors like $SOL , SUI, and others?