Ethereum took a major step on September 15, 2022, switching its blockchain from a work-based security system to a financialized proof-of-stake (PoS) model. Ever since this shift, known as the Merge, ether (ETH) has been hitting new lows when measured against bitcoin (BTC).

The Merge, along with earlier updates like EIP-1559, was intended to shed Ethereum’s reputation as an energy-intensive blockchain. The community also enthusiastically embraced changes in how new ETH is created, hoping it would usher in a new era for ETH as deflationary, “ultrasound money.”

But instead of a new era, the Merge seems to have pinpointed one of the absolute best times ever to trade your ETH for BTC.

With ETH now trading at its lowest price against BTC in four years, let’s dive deeper into the data and look at other areas where it’s been underperforming.

Price

Let’s start with price, arguably the most crucial metric – and it’s not a pretty picture for Ether. Back when the PoS transition was celebrated, you could buy one ETH for 0.074 BTC. Since then, the price has been on a relentless downward trend.

Today, getting your hands on one ETH will only cost you 0.022 BTC. That’s a staggering 70% cheaper than when the network was secured by good old-fashioned mining.

Market cap dominance

On the day of the Merge, September 15, 2022, ETH accounted for 17.7% of the total value of all cryptocurrencies. Bitcoin, in comparison, held a market dominance of 37.6% at the time.

Fast forward two and a half years, and ETH’s market share performance is, well, embarrassing. While BTC surged to a 58.9% market dominance, ETH has seen its share cut in half, now sitting at a meager 8%.

Flippening

During this same period, the ‘flippening’ ratio for ETH has absolutely crashed. On Merge day, ETH was already 44.4% of the way towards overtaking BTC, needing ‘only’ a 2.3X price increase to claim the top spot.

But today, that flippening ratio has plummeted to a dismal 13.8%. Now, ETH would need a massive 7.3X rally just to surpass Bitcoin.