According to Coinbase analysts, ETH's ongoing underperformance relative to BTC, might be linked to other reasons beyond ETF flows...
ETH hit $4k in March and attempted to retest the level after partial approval of U.S spot ETH ETFs later in the year. And yetEven July’s final ETH ETF approval didn’t help the altcoin’s underperformance. In fact, it recently hit a yearly record low of 0.040 on the ETHBTC ratio, which tracks ETH’s value relative to BTC.In their latest weekly commentary, Coinbase analysts linked ETH’s weak performance to “net buyer interest divergence” based on ETF flows and other factors.
Coinbase analysts David Duong and David Han added that ETH ETFs recorded cumulative net outflows of $477 million since inception. On the contrary, BTC ETFs have netted $17.8 billion in inflows since their debut. BTC ETFs were launched in January when liquidity was prevalent. On the other hand, ETH ETFs were launched in July amid the summer liquidity crunch, when most players were on vacation.
Additionally, the lack of a cohesive vision for the ETH ecosystem narrative and direction might have limited investor interest in the altcoin. Finally, the report cited recent fierce criticism of Ethereum founder Vitalik Buterin, who has beenAccording to the analysts, divergent views and an incoherent vision could make it difficult for investors to understand ETH and its value proposition.
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