Citigroup analyst: Ethereum has underperformed since the beginning of the year, but fundamentals are

According to CoinDesk, Citigroup stated in a research report on Monday that Ethereum (ETH) has lagged behind since the beginning of the year, with a decline of over 20%, but its fundamentals are improving, with the total locked value (TVL) on the Ethereum blockchain having significantly increased.

The analyst led by Alex Saunders wrote, "Although user activity has been unstable in recent weeks, the fundamental situation is not so uncertain

The Citigroup report points out that stronger user growth on Layer 2 networks and other memory blockchains such as Solana has raised questions in the market about Ethereum's competitive advantage. However, analysts mentioned some fundamental data changes, including a significant increase in TVL, continued inflows of funds into Ethereum exchange traded funds (ETFs), and an increase in search activity.

The report points out that after the November US election, the fund flow of Ethereum ETFs turned positive, and since its launch in July last year, the total net inflow has reached $3.2 billion.

The bank said that World Liberty Financial, a cryptocurrency project supported by President Donald Trump of the United States, holds more than US $200 million worth of Ether, which can be seen as "an additional impetus to ensure that the United States strengthens its support for the crypto industry".

The relative performance of ETH and altcoins may serve as an indicator of the industry's optimism about the progress of regulatory clarity in the United States, "the report added

Citigroup also pointed out that the weakness of Ethereum is consistent with the rise in dominance of Bitcoin (BTC), which has reached a multi-year high of over 60% in market capitalization.

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