Bitcoin and Ethereum, the two largest cryptocurrencies, are moving in opposite directions, causing confusion among investors. Ethereum fell 7% last week while Bitcoin remained stable. This divergence is unusual as the two typically rise and fall together. The rise of Solana and the popularity of memecoins have contributed to Bitcoin's resilience. Since the launch of Ethereum ETFs, Ethereum has fallen by 36% while Bitcoin has gained 2%. Ethereum ETFs have struggled to gain traction compared to Bitcoin ETFs. Other layer 1 protocols like Solana are gaining traction, leading to uncertainty about Ethereum's future dominance. upcoming events like the US elections could create volatility for Ethereum. It's too early to write off Ethereum as Wall Street's interest in spot Ethereum ETFs could materialize in the next few months.



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