Ansgar Dietrich: ETH lacks a clear value narrative and its price performance is weak

Former Ethereum Foundation researcher and Ethlabs member Ansgar Dietrichs stated that ETH still lacks a clear value narrative after failing to break through $5000 for five years. Cryptoquant data shows that over 32% of ETH supply, approximately 39.5 million ETH, are in a staking state. Ethereum's daily active addresses and smart contract activity have set records, but ETH prices have fallen by more than 50% from the peak of this cycle.