Matrixport: Momentum for action on Ethereum wanes, suggests using it to hedge Bitcoin long exposure

TechFlow reported, Matrixport released a new report stating that with declining gas fees, Ethereum is losing upward momentum. It noted that the approval of Ethereum ETFs remains controversial, and after the Dencun upgrade, a major catalyst has been removed.

In addition, Matrixport suggested using Ethereum as a hedge (short) against any Bitcoin long positions.