JPMorgan: ETH Has Lagged BTC in Price and Institutional Flows Since October Deleveraging!

JPMorgan analysts led by Nikolaos Panigirtzoglou have flagged a persistent underperformance gap between Ethereum and Bitcoin that has widened since the October 2025 deleveraging event. In both price terms and institutional flows, ETH has failed to keep pace — spot BTC ETFs have recovered roughly two-thirds of prior outflows, while spot ETH ETFs have clawed back only about one-third.

The bank's analysts warn that without a meaningful rebound in network activity, DeFi adoption, and real-world use cases, ETH and the broader altcoin market may struggle to close that gap. The framing is structural, not cyclical: JPMorgan is essentially saying the ETH bid needs fundamental catalysts, not just a risk-on macro environment, to compete with Bitcoin's institutional momentum.

For investors tracking the ETH/BTC ratio, the message is clear — institutional capital is rotating selectively, and…