While Bitcoin did manage to push to a fresh record high, the broader august trend reflected cautious investor sentiment, supported by modest momentum and ongoing macro uncertainty. The narrative suggests price resilience, but without the forcefulness needed for the next wave of bullish momentum.
In stark contrast, Ethereum continued with its run of outperformance—posting double-digit returns and surpassing its 2021 peak to hit fresh all-time highs. Its rally was powered by robust institutional demand, record ETF inflows, and active on-chain metrics like rising transaction volumes and reduced network fees. Favorable regulatory signals, particularly stablecoin-friendly legislation, further stoked confidence in ETH’s utility-driven narrative.
This divergence has shifted the ETHBTC dynamic sharply in ETH’s favor. As Bitcoin grinded higher with subdued volatility, Ethereum’s performance underscored its emergence as the speculative bellwether, attracting capital rotating away from Bitcoin’s more mature positioning.
Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
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