Why Ethereum Lags Behind Bitcoin

Market analysis firm Glassnode reveals a key reason why Ethereum (ETH) has fallen behind Bitcoin (BTC) in the recent market cycle.

New Buyer Interest

Glassnode notes that Ethereum has not attracted the same level of capital from new buyers as Bitcoin. This influx of new capital has driven Bitcoin to record highs.

Bitcoin ETF Approval

The analysts attribute the surge in Bitcoin’s short-term holders to the approval of spot Bitcoin exchange-traded funds (ETFs). These ETFs have increased speculative activity and capital accumulation among short-term holders.

Ethereum’s Underperformance

In contrast, Ethereum’s short-term holder capital has remained low, indicating a lack of new capital inflows. This underperformance is likely due to the attention and access brought by Bitcoin ETFs.

Realized Cap Metric

The Realized Cap metric shows that Bitcoin’s short-term holder capital is almost at its previous bull run peak, while Ethereum’s has barely recovered. This suggests a lack of new capital inflows into Ethereum.

Potential Ethereum ETF Approval

The analysts speculate that Ethereum could see a significant capital inflow if the SEC approves spot Ethereum ETF applications later this month. However, this is still subject to regulatory approval.

slot pulsa Slot pulsa Gemilang77 Slot deposit pulsa Slot deposit pulsa Gemilang77 Situs slot pulsa Slot pulsa Slot deposit pulsa Situs slot pulsa Slot pulsa Link slot pulsa Slot deposit pulsa Slot pulsa Slot pulsa 5000 Pulsa tanpa potongan Merpati77 Kaswari77 Kaswari77 Slot gacor Situs toto4d Slot pulsa Situs toto Situs toto Situs toto togel Slot deposit 5000 Situs toto Situs toto thailand Situs toto togel Situs toto macau Situs toto slot Kembangtoto Toto slot Slot toto https://situskembangtoto.com/ https://supervisi.relawanjurnal.id/kembang/ Slot deposit via qris Situs toto Situs toto