OPINION: Capital Liquidity Gap Widens Between Bitcoin and Ether

Glassnode's research has reportedly found a growing divergence in the performance of bitcoin (BTC) and ethereum (ETH) in the current cycle, which could be attributed to a general trend of weaker capital liquidity, especially when compared to previous cycles and all-time high breakouts. Prior to Bitcoin's peak on March 14, Glassnode observed a surge in speculative activity. In its latest weekly report on the chain, bitcoin capital accumulation by short-term holders reached a near-peak of $240 billion. However, ethereum has failed to replicate this trend. This shortage of new capital inflows reflects ETH's underperformance compared to BTC. This may be due in part to the attention and accessibility brought by spot Bitcoin ETFs. The market is still awaiting the SEC's decision to approve a series of ethereum ETFs, which is expected by the end of May. As a result, "seasoned" Ether investors are "sitting quietly and patiently waiting for the price to rise".