Matrixport released a chart today stating that Ethereum's performance in 2024 has been disappointing, with its weak performance clearly beginning after the launch of the Ethereum ETF, as inflows have been far below market expectations. Meanwhile, on July 31, 2024, Senator Lummis proposed a Bitcoin bill, suggesting that Bitcoin be positioned as a strategic reserve asset.

In contrast, Bitcoin has successfully established itself as 'digital gold' and a potential reserve asset, whereas Ethereum lacks a similarly strong and appealing narrative among traditional financial (TradFi) investors. The absence of clear application scenarios may be one of the core reasons leading to Ethereum's underperformance.

Looking ahead, ETF issuers may need to take on the responsibility of creating and promoting a more appealing narrative for Ethereum in 2025. Without additional support and market positioning, it is unlikely that Ethereum alone can bridge the gap with Bitcoin.