10x Research founder: Ethereum's weak fundamentals are becoming an obstacle for Bitcoin

On May 10, Markus Thielen, founder of 10x Research, posted on social media that in this cycle, BTC and ETH are still highly correlated, with a correlation coefficient of 95%. Ethereum's weak fundamentals are becoming an obstacle to Bitcoin because they prevent large-scale fiat currencies from flowing into the crypto ecosystem. In addition, Markus Thielen said that in the previous 2020/2021 cycle, ETH was a driving factor because Ethereum was supposed to replace the traditional banking system. The minting of NFTs has opened up new areas of crypto adoption, which could have been extended to various personalized files on the blockchain, driving widespread wallet adoption. However, Ethereum developers did not respond quickly.