According to a report from 深潮 TechFlow on May 2, the digital asset derivation company Two Prime announced that despite achieving success with ETH, it will focus on BTC asset management and lending in the future. The statistical trading behavior, value proposition, and community culture of ETH have failed to the extent that it is no longer worth participating. With BTC becoming an alternative, the risk-reward ratio of ETH is simply unreasonable.

Two Prime claims that as an algorithmic trading company, it values data over narratives. Data shows that ETH has undergone fundamental changes. Its correlation with BTC has decreased, and tail risks have significantly increased. Now, its trading style resembles that of a meme coin rather than a predictable asset.