Crypto investors are starting to question the investment opportunity in ether . Ethereum has always been seen as the blockchain with a stronger and more easily understood value proposition as a smart contracts platform that could power many different types of applications. Now, investors are reckoning with the possibility that ether may have lost some of its appeal, while bitcoin's has never been clearer or broader.
" "Bitcoin has a very well established use case, which is a store-of-value currency," said Julio Moreno, head of research at CryptoQuant. "Other use cases may still be not so clear as this one. ETH has changed its narrative a few times – a world computer for , DeFi layer, 'ultra sound' money – so it can be confusing for traditional investors." DeFi, or decentralized finance, protocols account for the majority of activity on Ethereum.