JPMorgan analysts cite weak network activity and DeFi adoption as key factors behind ETH’s lagging performance relative to BTC.
Ethereum has trailed Bitcoin in both price and institutional flows since October 2025, according to JPMorgan. Analysts noted that ETH’s underperformance coincides with broader altcoin struggles amid deleveraging pressures.
Spot BTC ETFs have recovered about two-thirds of prior outflows, while spot ETH ETFs regained only one-third. The gap reflects weaker demand for ETH-linked products and limited progress in decentralized finance and real-world use cases.
Without a rebound in network activity or adoption, ETH may continue to lag BTC, analysts said.