When
#ETH starts underperforming
#BTC in the long term, where exactly is the problem?
Over the past year, ETH has lagged behind BTC, and it’s almost unnecessary to argue.
ETFs, institutional allocations, macro hedging, dollar hedging—all the “understandable narratives”—are continuously converging towards BTC.
And ETH finds itself in an awkward position.
It remains the absolute foundation of DeFi, stablecoins, RWA, and on-chain finance,
but in terms of asset performance, it continues to lag behind.
The issue isn’t price,
but a more fundamental question:
Is ETH underperforming BTC because it’s