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Bitcoin continues to set new records while Ethereum shows sustained weakness, a divergence that is starting to worry parts of the market. Over the past year, ETH has fallen by more than 35% against BTC, even as capital has returned to cryptocurrencies. Analysts point to a combination of technical deterioration for the ETH/BTC pair, rising ETH reserves on Binance, and continued institutional momentum behind bitcoin.
The ETH/BTC pair remains under pressure, trading below a descending trendline that has been in place since 2022. The move lower has also been reinforced by a rejection at a key technical area that combines the 0.382 Fibonacci retracement level and the 50-month exponential moving average.
Analysts say the risk is that the pair could accelerate lower if Ethereum fails to defend historical support levels. The relative weakness is occurring while bitcoin continues to attract institutional flows and maintains stronger momentum across the crypto market.
On-chain indicators add to the bearish tone. ETH reserves held on Binance have reached 3.62 million ETH, representing about 24.6% of all ethers on exchanges. In market interpretation, rising exchange reserves can be viewed as a potential signal of future selling pressure, as holders transfer assets to trading platforms.
At the same time, bitcoin reserves are described as continuing to decline, suggesting that BTC holders are more inclined toward long-term holding. This divergence between ETH and BTC supply dynamics is contributing to a shift in market expectations.
The article links Ethereum’s underperformance to a broader change in the market narrative. Bitcoin is said to be supported by institutional demand driven by spot ETFs, corporate treasury activity, and capital flows from Wall Street.
Meanwhile, Ethereum is portrayed as gradually losing the narrative advantage associated with its deflationary characteristics. As a result, some analysts are questioning whether Ethereum is losing its position as the leading altcoin relative to bitcoin in the coming months.
Future direction will depend on whether Ethereum can rebuild momentum and attract new inflows. While technical stabilization could help support sentiment, the article emphasizes that bitcoin’s growing dominance is already shifting relative balance across the sector. If the trend persists, it could mark a new stage in the crypto hierarchy, with BTC remaining more dominant versus historical altcoins.
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