ETH Loses Ground to BTC, Sparking Ultrasound Money Debate

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Ethereum has failed to remain deflationary since the switch to Proof-of-Stake, as ETH's price has disappointed Ether investors, particularly against Bitcoin.

Ether has dropped roughly 65% against Bitcoin since Ethereum’s 2022 shift to Proof-of-Stake (PoS), casting doubt on the network’s “ultrasound money” thesis.

Lower fees and L2 growth have weakened Ethereum’s deflationary “ultrasound money” pitch.

Ether has lagged behind BTC because investors trust Bitcoin’s fixed supply schedule.

Ether’s ultrasound money narrative disappoints
The idea behind “ultrasound money” was that Ether would become even scarcer than Bitcoin.

Supporters argued that Ethereum’s 2021 EIP-1559 upgrade, which began burning a portion of transaction fees, combined with the sharp decline in new ETH issuance following the 2022 Merge, would make Ether deflationary over time.

ETH’s new annual supply rate has averaged about -0.19% after the burn mechanism went live in 2021, according to Ultrasound.MONEY.

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