#Ethereum "Despite the second surge in the price of ETH until the end of 2024, the activity on the mainnet measured by gas consumption never fully recovered," wrote the data analysis platform Nansen in its latest report, adding:
"This is downstream of some things, but much of the activity has shifted to Solana and L2s in 2024".
Nansen argued that they remain cautiously bearish on ETH due to its unfavorable risk/reward ratio compared to BTC and lower-value altcoins with a niche market focus.
The lack of demand for ETH in relation to Bitcoin is even more visible in its futures volume data.
Specifically, Bitcoin's futures volume has surged 32% since its lows on February 23, reaching USD 57 billion on March 18. In comparison, ETH trading activity remains virtually flat, according to the on-chain data platform Glassnode.