Ethereum Underperforms Bitcoin Since 2023, Will Lag Further Without Stronger On-Chain Activity: JPMorgan

ETH0.41%
BTC1.26%
ON1.25%
JPM0.59%

According to JPMorgan Chase analysts, Ethereum and altcoins have continued to underperforming Bitcoin since the Iran conflict, with spot Bitcoin ETFs recovering roughly two-thirds of previous outflows compared to only one-third for Ethereum ETFs.

CME futures data shows institutional investors are more aggressively rebuilding Bitcoin exposure, with Bitcoin futures positioning near full recovery while Ethereum futures remain below prior levels. Without stronger on-chain fundamentals and real-world applications, JPMorgan said ETH and altcoins may continue to lag relative to Bitcoin.

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