Ether is trading near yearly lows against bitcoin, with the market showing a steady rotation between the assets, according to crypto research firm K33 Research.

The downtrend began in Sept. 2022, around the time Ethereum executed its transition from proof-of-work to proof-of-stake consensus, known as The Merge. Ether is currently trading for around 0.06 bitcoin.

"Ether has experienced a steady downward trend throughout the year as DeFi and NFT activity has faded. Without any meaningful narratives or adoption stories, ether has struggled to maintain strength versus bitcoin," K33 Senior Analyst Vetle Lunde and Vice President Anders Helseth noted in their latest report. 

CME derivative traders have also maintained a bearish outlook on …