According to Odaily, FxPro Senior Analyst Alex Kuptsikevich has highlighted that long-term Ethereum developer activity, both on the blockchain and its expanding ecosystem, has been a driving force behind ETH's rise. However, by the end of 2023, this trend shifted towards Bitcoin, especially as the prospects of exchange-traded funds (ETFs) became more prominent.
Kuptsikevich noted that the launch of Ethereum ETFs did not attract the same buying interest as Bitcoin ETFs. Instead, it led to net outflows and did not reverse the declining ETH/BTC exchange rate. The ETH/BTC rate could potentially fall further into the 0.02-0.03 range. This situation is surprising given the generally positive sentiment towards altcoins following Bitcoin's halving events and the higher beta coefficient of altcoins compared to U.S. stocks, which have performed strongly in recent months.
