Ethereum attracts more capital than Bitcoin over the last two weeks

Supported by record inflows on spot ETFs and a favorable technical setup, Ethereum is quietly outperforming bitcoin. As flows reorient and individual interest begins to rise again, a shift is taking place. Is the trend changing permanently?

Flows reverse: ETH attracts capital to the detriment of BTC

Over the last two weeks, financial products backed by Ether have recorded a net inflow of capital which contrasts sharply with those of bitcoin.

Indeed, ETH spot ETFs attracted $360 million in net inflows, compared to just $120 million for BTC ETFs, or three times as much. This sudden imbalance reflects a temporary but significant change in investor preferences. It also validates the thesis of a rotation of capital in favor of Ether.

This favorable dynamic for ETH is also observed in its structural performance against bitcoin. Here is the key elements to remember:

• Massive inflows to spot ETH ETFs: +$360 million in two weeks, compared to +$120 million for BTC;

• Technical momentum in favor of ETH: the asset exceeded a 20-day high above $3,200, validating a bullish breakout;

• BTC in retreat: it remains waiting for a strong signal, with a decisive technical close above $96,000 still absent;

• The ETH/BTC comparison: the gap is widening in favor of Ether, which is regaining the ascendant in the short term on a technical level.

In summary, ETH benefits from a situation where capital is once again deployed in its favor, reinforced by technical signals which demonstrate a clear change in trend. Conversely, bitcoin remains under pressure and has not yet validated an equivalent bullish configuration.

Technical signals in support

Beyond institutional movements, the dynamics of Ether are also supported by a renewed interest from individual investors.

It is worth noting that a tipping point occurred on November 21, when the ETH price fell below $2,700, triggering a wave of buying by retail investors. This behavior is reminiscent of previous episodes, notably that of spring 2023, where a first phase of accumulation by individuals preceded a more marked correction, followed by a prolonged rebound.

Technical indicators also support the thesis of a moderate bullish continuation. The Net Unrealized Profit/Loss (NUPL) of Ether is currently located around 0.22, which corresponds to a zone of balance, neither euphoric nor bearish.

Additionally, as long as this indicator remains above 0.20, sentiment remains favorable for a rebound as soon as catalysts present themselves. From a charting perspective, ETH/BTC has broken out above a 30-day consolidation zone and returned to its 200-day moving average, an area that historically has coincided with prolonged periods of ETH outperformance relative to BTC.

The hypothesis of an Ethereum at $10,000 resurfaces. The dynamic is there, but nothing is certain. Between speculative appetite and investor caution, the trajectory remains dependent on the next signals.