$ETH On the network side, Ethereum’s facing its own challenges. The Pectra upgrade, meant to enhance scalability and reduce fees, hit snags during its Holesky testnet phase, with developers now testing a shadow fork to resolve issues. Meanwhile, decentralized finance (DeFi) on Ethereum is hurting—total value locked dropped 27% to $97 billion in February, and a $130 million ETH-backed loan on Sky (formerly Maker) risks liquidation as prices dip. Spot ETH ETFs have also seen $455 million in outflows over recent weeks, signaling Wall Street’s cooling interest.