The ETHBTC ratio did not go down because of ”The Merge”

The ETHBTC ratio collapsed because:

- societal value rotation out of "feminized wef soyboys in unicorn t-shirts" into "bronze age mindset" broadly

- ethereum always occupied a vertical more prone to competition

- l2s confused the ETH asset value capture narrative and caused network fragmentation

- eth does not have a saylor buyer

- bitcoin and gold are maturing into wartime assets whereas the peacetime asset ETH struggles

- ETH also struggles to even look nerdy/smart/futuristic compared to AI which is the new hot ball of money for that investor type

- ethereum also stagnated into a depressingly small number of defi primitives relative to what past expectations were

*Not* the Merge.