Citi: ETH has fallen more than 20% year-to-date, but fundamentals are improving

According to a recent report by Citibank, the price of Ethereum (ETH) has fallen by more than 20% this year, but its fundamentals are improving. The total value locked (TVL) on the Ethereum network has risen significantly, and Ethereum ETFs continue to attract funds, with a cumulative inflow of $3.2 billion since their launch in July. In addition, related search volume is also increasing.

Despite recent fluctuations in user activity, Citibank analysts say that Ethereum's fundamentals are not entirely pessimistic. The report also mentions that World Liberty Financial, owned by former US President Trump, holds over $200 million worth of Ethereum, which could be seen as additional motivation for the US to strengthen its support for the cryptocurrency industry. At the same time, Ethereum's weak performance coincides with the rise in Bitcoin dominance, which has now reached a multi-year high of over 60%.