On August 23, top trader Eugene Ng Ah Sio posted on social media that ETH has underperformed SOL and BTC throughout the current bull market, and pessimists believe that ETH's lack of retail-friendly architecture and selling points is the key reason. Although this is largely true, the market does not always move in one direction. He believes that the most important factor is still the current position of the ETH market.

For several months, ETH has been the most respected asset by native crypto-natives, especially when the ETH ETF was announced. But since the launch of the ETF, its capital inflows have been disappointing, resulting in only buyers who arbitrage ETHE becoming the ultimate winners. Most of the positions that are optimistic about the future market have been washed out in the oscillation of the coin price. At present, the ETH market is facing extreme negative sentiment and the surrender of large OG whales. This means that ETH's current positioning may be at its lowest position ever.