Ethereum's performance has fallen behind Bitcoin, showing lower drops in value and less capital coming in. Following the recent halving event, Bitcoin has proven to be more resilient than Ethereum in maintaining momentum. Metrics like NUPL that measure investor positions highlight the growing differences between holders of Bitcoin and Ethereum. The discrepancy in performance between Bitcoin and Ethereum has captured the attention of the cryptocurrency community. Glassnode, an analytics firm, has pointed out Ethereum's underperformance when compared to Bitcoin during the 2023-2024 cycle. While Bitcoin has followed historical trends after its halving event, experiencing a temporary drop followed by sideways movement, it has shown stronger resilience compared to Ethereum in the face of market fluctuations. The distinct trends in performance have led to various interpretations of the current market dynamics.