Kind of wild to look at ETH and its proof of stake journey. Beacon Chain was launched Dec. 1st, 2020, which introduced staking in parallel to PoW... the caveat was that there were no withdrawals. ETH outperformed BTC by ~185% post beacon chain / pre-merge. The Merge happened Sept. 15th, 2022, which made Ethereum a 100% PoS chain. April 12th, 2023 - The Shapella upgrade happened which finally allowed staked ETH to be unlocked. A few million ETH was withdrawn within the first couple of months. While the total amount of ETH staked has still nearly doubled since then, ETH has still been down only relative to BTC. Question is - is the underperformance due to the switch to PoS from PoW, or something else? (e.g. increased L1 competition, L2 activity, etc.)