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Ethereum has not seen capital inflows matching the surge experienced by Bitcoin, highlighting a divergence in investor interest.
Throughout the current cycle, there has been an increasing divergence in the performance of BTC and ETH. Glassnode’s analysis attributes this trend to a weaker pattern of capital rotation, especially when compared to past cycles and all-time high breakthroughs.
Ethereum Experiences Sluggish Capital Inflows
As Bitcoin approached its peak on March 14, Glassnode reported an increase in speculative activity. Its latest on-chain weekly report revealed capital accumulation among short-term BTC holders, with around $240 billion in wealth held in coins moved within the past six months, nearing peak levels.In contrast, Ethereum has yet to mirror this trend.
The leading altcoin has not even surpassed its all-time high from 2021. Bitcoin’s Short-Term Holder (STH) Realized Cap is close to its previous bull run peak, while Ethereum’s STH-Realized Cap remains low, signaling a sluggish influx of new capital.
This lack of new capital inflows highlights ETH’s underperformance compared to BTC. This could be partly attributed to the increased attention and accessibility stemming from spot Bitcoin ETFs.
The market is awaiting the SEC’s decision on a set of Ethereum ETFs, expected by the end of May. Consequently, experienced Ether investors are adopting a wait-and-see approach, holding off for potentially higher prices.
Ethereum Price Movement So Far
Although ETH has lagged behind BTC due to the absence of a clear catalyst, Glassnode’s analysis indicates that the overall uptrend remains one of the most robust in history, with relatively mild corrections so far.
The altcoin has faced challenges in surpassing $3,000. It reached a multi-year high of nearly $4,000 earlier this year but couldn’t sustain its momentum and has since dropped by about $1,000.
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