Leading altcoin Ethereum [ETH] has underperformed compared to Bitcoin [BTC] since January, Glassnode found in a new report.
According to the on-chain data provider, while BTC, aided in part by the US spot exchange-traded funds , has seen significant capital inflows since the beginning of the year, ETH has recorded a decline in trading activity.Following the approval of spot Bitcoin ETFs on the 10th of January, Glassnode data shows a significant divergence in Net Unrealized Profit/Loss between BTC and ETH.
If the market price is higher, there is a net-unrealized profit, while if it is lower, there is a net-unrealized loss. Glassnode assessed the Short-Term Holders’ Realized Cap for both coins and found that ETH’s remains low.
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