CryptoQuant analysts said that since the shift to proof-of-stake, Ethereum has underperformed one bitcoin by 44%. The analysts added that even after the approval of the Ethereum spot exchange-traded fund (ETF) in the United States on July 23, Ethereum has continued to underperform Bitcoin, and the ETH/BTC price is currently at 0.0425, the lowest level since April 2021. CryptoQuant analysts added that Ethereum could fall further relative to Bitcoin: "We estimate that Ether needs to fall to around 0.02 of Bitcoin, or 50 per cent, to enter the undervaluation range".