Ethereum’s [ETH] rough first quarter has left investors rattled, with the asset shedding nearly 50% of its value amid broader market uncertainty.

While Bitcoin has managed to hold its ground near all-time highs, ETH’s slump paints a starker picture of diverging sentiment within the crypto majors.

Adding to the concern, exchange supply for both assets continues to drop — especially for ETH, which just hit fresh lows.

Taken together, the trend signals not just price fatigue, but a deeper erosion of investor confidence across the board.