According to TechFlow, on September 20, according to Coindesk, financial research institution Steno Research released a latest report pointing out that Ethereum's recent relatively sluggish performance may be coming to an end, and it is expected to regain its upward trend in terms of both fiat currency pricing and price comparison with Bitcoin (BTC). Steno Research analyst Mads Eberhardt emphasized that the Fed's recent interest rate cut decision is expected to stimulate increased on-chain activity, which will have a positive impact on the Ethereum network. In addition, the report believes that the performance advantage of Bitcoin ETFs over Ethereum ETFs may be difficult to sustain, arguing that historical data shows that Ethereum has the potential to quickly surpass Bitcoin in the short term.

The report also provides an in-depth analysis of three main factors behind Bitcoin’s recent outperformance relative to Ethereum: the differential impact of U.S. spot ETFs on the two major cryptocurrencies, MicroStrategy’s ongoing Bitcoin buying strategy, and the Ethereum network in recent months Significant decline in trading revenue. Nonetheless, Eberhardt noted that the number of active addresses on the Ethereum network remains strong, especially given the growing popularity of layer-2 scaling solutions (rollups). He added that the network’s transaction revenue appears to have bottomed out in August 2024, showing signs of recovery.