Imagine holding ETH as a treasury reserve, only to face an emergency situation where there is need to rely on those funds, but unfortunately it's price plunge uncontrollably. The very asset meant to provide financial security now becomes a liability, exposing the country or company to massive shortfalls at the worst possible time.
The most silly part of ETH treasuries is that it drop 30–60% or even more in a week during market crash this alone can cause severe reduction in the allocated treasury, leaving any institution underfunded when they need stability the most.
I don't know who are the market makers behind ethereum but they suck and they are terrible human beings, they are the ones responsible for all this market tricks. They dump at every opportunity and then buy back at the bottom, this game of swings profits has been for a long time but do we blame them? Ethereum team hasn't been transparent and it all started before the pre-proof of stake mainet they pivoted to, alot of people didn't understand the concept and rush in by locking all their investments.
Do not blame market makers: they are providing liquidity to the markets, allowing them to function correctly. Of course, doing so, they profit, but it is the correct premium for the risk they are taking.
Ethereum is not falling because of a lack of founders; the price is falling because ETH has changed its narrative too many times, following the current media flow rather than pursuing a long-term goal.