According to online reports, Markus Thielen, research director at 10x Research, said Ethereum may not be the wisest investment choice in the 2025 bull market, speculating that the asset could deliver disappointing returns compared to Bitcoin. While we appreciate Ethereum's volatility, we believe it is still a poor medium-term investment and expect ETH to perform worse than BTC again in 2025. He also claimed that the Ethereum Duncan upgrade in March last year, which reduced the network's gas fee and allowed it to process more transactions, was "six months late" and missed the peak of Meme coin's rally, causing the market to "shift" to a "more cost-effective" alternative to Solana. He is also skeptical about the Pectra upgrade scheduled to be launched in early 2025,"Only two of the 19 upgrades so far have had a significant positive impact on ETH prices, and these upgrades have all occurred during the Bitcoin bull market." He added: "In 2024, all three major catalysts for Ethereum have basically failed and generally brought little value."