Ether's recent underperformance may be coming to an end, according to Steno Research. The report highlights that during the last altcoin season, ether more than doubled in value compared to bitcoin and suggests that the same scenario may happen again. The report attributes the previous surge in ether's value to increased onchain activity, including DeFi, stablecoin issuance, and NFTs, all of which mainly occur on the Ethereum blockchain. The recent interest rate cut by the U.S. Federal Reserve is expected to result in more onchain activity, which could benefit Ethereum. Steno also points out that bitcoin ETFs are unlikely to outperform ether versions as much in the future. Bitwise, another asset manager, also shares a bullish outlook on ether's prospects.



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