Bitwise Found What’s Really Driving Ethereum Price, And It’s Not Fundamentals
Ethereum’s price has spent much of the past cycle lagging its own institutional and on-chain progress, and Bitwise says the reason is straightforward: ETH is still trading primarily as a Bitcoin proxy, not as a fundamentally valued network. In a new factor-model analysis, the asset manager found BTC has been the dominant force behind weekly ETH returns since 2018, with macro conditions, network activity and ETP flows playing secondary roles.
Featured image created with DALL.E, chart from TradingView.com
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