Is the ETH experiment failing? Bitcoin is back at 2021 levels while Ethereum is stuck in 2022.
The great decoupling of 2026 is officially here, and it is a nightmare for Ethereum maxis. Five years ago, we were told ETH was "ultrasound money" that would eventually flip Bitcoin.
Fast forward to today:
Bitcoin has successfully survived a massive 2025 cycle to $130k and returned to its $67,000 baseline, holding its 2021 value perfectly.
Meanwhile, Ethereum is bleeding out at $1,850, a staggering 60% drop from its highs. Between L2 fragmentation and the inflationary fallout of the Fusaka upgrade, the "silver to Bitcoin's gold" narrative is dead.