Ethereum price stagnates in its ETH and BTC pair as investors’ expectations for a spot ETH ETF dwindle.
Ether (ETH) had been rallying since the beginning of the new year but began tapering off in mid-March. The altcoin has trailed Bitcoin (BTC) since Jan. 1, gaining roughly 48% compared to BTC’s 57% in their respective USD pairs year-to-date.
There are three main reasons why ETH has been underperforming BTC throughout the past several days, including a decrease in network activity and declining sentiment surrounding the approval of spot Ethereum ETFs in May.
Ether is down 13.5% over the last 30 days, underperforming Bitcoin and other top layer 1 tokens. BTC’s price has dropped only 4% over the last 30 days, while other top-cap layer 1 tokens, such as BNB Chain’s BNB and Solana’s SOL, have rallied 15.5% and 16%, respectively, over the same timeframe.
