This was supposed to be the magical moment when Ethereum suddenly experienced a major upgrade in everything from transaction-processing speeds to throughput capacity to transaction fees. For example, in early October, investment-giant Fidelity announced the rollout of a new Ethereum Index Fund for accredited retail investors. Crypto executive Arthur Hayes, for example, suggested in August that Ethereum only needed two catalysts to hit that mark by the end of Q1 2023: a successful Merge and a "Fed pivot" on interest rates, meaning a reversal of the rate increases the central bank is using to battle inflation.