摩根大通：若链上活动不足，ETH与山寨币或继续跑输比特币

Odaily Odaily reported that JPMorgan analysts said that despite the overall recovery of the crypto market after the Iran conflict, Ethereum and other altcoins continue to underperform Bitcoin. This trend, which has been forming since 2023, may be difficult to reverse in the short term unless there is a clear improvement in network activity, DeFi, and real-world applications.

The report points out that Bitcoin's recovery momentum, both in terms of spot ETF flows and institutional futures positions, is stronger than that of Ethereum. The spot Bitcoin ETF has recovered about two-thirds of its previous outflows, while the spot Ethereum ETF has only recovered about one-third.

Meanwhile, CME futures data shows that institutional investors have been more active in rebuilding their Bitcoin exposure, with Bitcoin futures positions nearly fully recovered, while Ethereum futures positions remain below previous levels. JPMorgan believes that without stronger on-chain fundamentals and real-world application support, the relative weakness of ETH and altcoins against Bitcoin may persist.