"The downturn in Ethereum has attracted some naysayers," Bitwise officials said in a post on the X platform. "They ignore the following points: more than half of the stablecoins are on the Ethereum chain. More than 60 percent of DeFi assets are locked in Ethereum. Polymarket is on Ethereum. By the end of 2024, ETH looks like a potential reverse bet." Previously, Bitwise Chief Information Officer Matt Hougan said that ETH appears to be deserted now, but as the year draws to a close, its underperforming price could reverse.