In the ongoing cryptocurrency cycle, Ethereum (ETH) has faced challenges in matching the surge seen in Bitcoin (BTC), signaling a notable divergence in investor interest between the two leading cryptocurrencies.

Glassnode's latest findings indicate a growing disparity in the performances of BTC and ETH, with weaker capital rotation observed, particularly in comparison to previous cycles and all-time high breakthroughs.

While Bitcoin experienced a surge in speculative activity leading up to its peak established on March 14, with approximately $240 billion in wealth held in coins moved within the last six months, Ethereum has failed to replicate this trend. Despite Bitcoin nearing peak levels of capital accumulation among short-term holders, Ethereum's influx of new capital remains lackluster, with its Short-Term Holder (STH) Realized Cap barely rising from its lows.

The shortage of new capital inflows into Ethereum reflects its underperformance compared to Bitcoin, which could be partly attributed to the attention and accessibility brought about by spot Bitcoin ETFs. The market is currently awaiting the SEC's decision regarding the approval of a suite of Ethereum ETFs, expected by the end of May.

Glassnode's analysis suggests that while Ethereum may have underperformed compared to Bitcoin, its overall uptrend remains resilient, with relatively shallow corrections. Despite struggling to surpass $3,000 and experiencing fluctuations, Ethereum's price performance indicates a resilient trend, with the altcoin tapping a multi-year peak earlier this year before experiencing a moderate decline.

As investors await further developments, particularly regarding Ethereum ETF approvals, Ethereum's performance relative to Bitcoin will continue to be closely monitored, shaping the broader landscape of the cryptocurrency market.