Ethereum's 65% decline against Bitcoin since the Merge is attributed to execution failures at the Ethereum Foundation, according to BeInCrypto. Reid, an ICO-era participant, argues that the underperformance is due to accumulated execution debt, not market cycles. The ETH/BTC ratio peaked at 0.085 around the Merge in September 2022 and has since fallen to 0.028 by late May. Reid criticizes the lack of a first-party staking app and the rollup-centric roadmap, which he claims drained the base layer, impacting Ethereum's transaction fee revenue.