10x Research: The ETH/BTC ratio has fallen 37% since the Ethereum merger upgrade

According to a report published by 10x Research analysts on the X platform, since the Ethereum merger upgrade on September 15, 2022, the Ethereum/Bitcoin ratio has fallen by 37%. As this week's U.S. CPI data release approaches, this ratio seems to rebound. Analysts suspect that this is due to short covering. They pointed out that the value of Ethereum is mainly affected by inflation and other macroeconomic factors rather than network upgrades like mergers and Dencun.