Why Ethereum Missed the Crypto Boom 🧩📉
Despite a strong crypto-friendly political environment, Ethereum (ETH) has failed to ride the industry’s recent boom. Ether, the world’s second-largest cryptocurrency, is down about 20% year-on-year and its price has remained largely unchanged since late 2024, even as Bitcoin and other assets surged earlier.
A leaked internal proposal in November 2024 revealed deep divisions within the Ethereum Foundation (EF). US developer Danny Ryan suggested Ethereum needed a stronger, more vocal leadership to capitalize on political shifts — especially with Donald Trump’s return and growing institutional interest in crypto. His pitch exposed a split between two camps:
Ideological “cypherpunks” focused on decentralization and privacy
Pragmatists focused on ETH’s price and Wall Street adoption 💼
Tensions escalated after the leak, triggering online backlash, leadership pressure, and even threats against EF’s executive director Aya Miyaguchi, which angered founder Vitalik Buterin. Buterin pushed back strongly, asserting his authority and delaying leadership changes.
By March 2025, the EF announced a compromise: two co-executive directors, blending both cultures — one with traditional finance experience and one from Ethereum’s technical core. The new leadership aims to be more open to institutions and improve communication with the business world.
Still, ETH’s price remains weak. Investors increasingly see Ethereum caught between ideals and profitability, and unlike gold or Bitcoin, it hasn’t convinced markets it’s a true safe or growth asset ⚠️.
Bottom line: Ethereum’s struggle isn’t about technology — it’s about identity, leadership, and investor confidence in a fast-changing crypto landscape.
