Total Assets
Traded ValueETH still seems to have a catch-up rally attribute, after all, there are no companies with new position concepts like SBET or BMNR this time, so new institutions are still buying BTC first.
BTC is gradually stabilizing around 80000, with data showing real buying support. However, ETH has been unable to break through 2.4k and has been hovering around 2.3k for so long. Why is this? My view:
1. The current market is in a phase of "bottom repair + policy expectations," where funds prefer BTC during this stage.
2. ETH's positive catalysts rely more on "second-order confirmation." CLARITY benefits ETH more than BTC, but there is no formal markup schedule yet. The market will first treat CLARITY as a "crypto overall positive" and prioritize BTC.
During the bear-to-bull market transition, BTC usually rises first, while ETH often lags. ETH's catch-up rally requires two conditions:
- BTC must not fall back and must maintain a high-level sideways consolidation.
- The market shifts from "buying the safest crypto beta" to "buying higher beta / assets with higher utility."
The market is not yet trading "actual utility post-approval," but only trading "increased probability of approval."
BTC gets reduced regulatory risk from CLARITY.
ETH gets clearer application boundaries for stablecoins, DeFi, RWA, tokenization, and staking from CLARITY.
The latter has greater value but is also more complex, hence slower pricing.
$IShares Ethereum Trust ETF(ETHA.US)
$BitMine Immersion Tech(BMNR.US)$Strategy(MSTR.US)
The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.
