TheBlock
JPMorgan analysts flagged a widening performance gap between bitcoin and the rest of the crypto market, noting that ether and altcoins have underperformed even as broader prices recovered following the Iran conflict. The divergence, they argue, reflects a structural deficit rather than a temporary dislocation.
The bank's analysts were direct: the underperformance is "unlikely to change unless we see meaningful improvements in network activity, DeFi and real world applications." That framing puts the burden squarely on on-chain fundamentals — not macro sentiment or liquidity flows — to close the gap.
For ETH holders, the read is uncomfortable. Bitcoin's relative strength in this recovery suggests capital is rotating toward perceived safety within crypto, and without a catalyst in DeFi adoption or RWA activity, the alt-season narrative stays on hold.
WatcherGuru
CoinDesk