ETH/BTC Exchange Rate Trending Down | Crypto Daily Digest Oct.16
The strength of Bitcoin relative to Ethereum can be attributed to three key factors. First, there is a reduced selling pressure leading up to important deadlines for spot Bitcoin ETFs.
Second, it benefits from being considered a safe haven within the broader crypto asset class and is also considered an emergent safe-haven asset in a more turbulent world. And third, there is a lack of competing narratives in the crypto market that could divert the attention of investors.
Furthermore, Ethereum's ongoing underperformance compared to Bitcoin is evident in institutional capital flow data. According to Coinshares, as of October 6, Bitcoin-specific investment funds have seen inflows of $246 million year-to-date, while Ethereum funds have experienced capital outflows totaling $104 million during the same period. Many market analysts anticipate that the introduction of a spot Bitcoin ETF will attract a substantial influx of capital.
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