On September 18, Bitwise stated in a Tuesday report that ETH may currently seem overlooked, but the poor performance of its price may reverse as the year comes to a close. The report suggests that ETH's recent underperformance stems from risks associated with the US presidential election in November, increased competition from Solana and other blockchains, challenges facing its tokenomics, and mixed reactions to the US push for spot ETF approval.

Bitwise highlights that the majority of stablecoins are issued on Ethereum, over 60% of decentralized finance (DeFi) assets are locked on Ethereum, and the popular prediction market Polymarket settles on its mainnet. Ethereum boasts the most active developers, the most active users, and a market cap five times larger than its closest competitor. Ethereum is like the Microsoft (MSFT) of the blockchain space - everyone wants to talk about the newer companies and their game-changing technologies, like Google (GOOG), Slack (WORK), and Zoom (ZM), but Microsoft still dwarfs all of them combined. The market may re-evaluate ETH as the US election approaches.