Expert Reveals Why Ethereum Is “Losing Steam” in This Cycle: Is QT the Hidden Culprit?

While Bitcoin and many altcoins are riding a strong market uptrend, Ethereum seems to be lagging behind. According to well-known analyst Benjamin Cowen, the real reason behind Ethereum’s sluggish performance isn't technical weakness or waning investor interest. It’s the prolonged quantitative tightening (QT) policy by the U.S. Federal Reserve. In the previous cycle, QT had already ended before Bitcoin’s halving, allowing money to flow back into risk assets. But this time, even as we enter the post-halving phase of 2024, QT continues. This article explores Cowen’s perspective, the macroeconomic backdrop, and what lies ahead for ETH. With key insights into monetary policy and crypto market behavior, we break down why Ethereum appears “tired” in this cycle and whether relief is in sight.