Speculative divergence between Bitcoin and Ethereum:
*Bitcoin has seen a surge in speculative activity since last year, while Ethereum has not surpassed its 2021 all-time high.
*This has led to ETH underperforming compared to BTC.
*Glassnode attributes this to the lack of new capital inflows into Ethereum and the focus on Bitcoin spot ETFs.
* However, both assets still have relatively low realized capitalization among long-term holders, suggesting the market may be in the early stages of a bull run.