Over the past two weeks, Ethereum (ETH) has strongly outperformed Bitcoin (BTC). Both capital flows and price structure indicate that market sentiment is clearly shifting in favor of ETH. The latest data shows that spot Ethereum ETFs recorded a net inflow of $360 million during the same period, while Bitcoin ETFs saw only $120 million—a threefold difference that highlights investors’ growing preference for the Ethereum ecosystem.
In terms of price performance, ETH recently broke through the key resistance level of $3,200, completing a daily structural reversal, which means the trend has entered a new upward phase. Meanwhile, BTC still needs to break above $96,000 to confirm a breakout, giving ETH an advantage in terms of structural trend.
Retail investors have also become a key driving force behind the market movement. Market data shows that when ETH briefly fell below $2,700 on November 21, retail investors bought heavily, causing a significant change in the average spot order size indicator and supporting the subsequent rally.
Technical indicators are also showing positive signals. The ETH/BTC ratio successfully broke out of a 30-day consolidation range and has steadily retested the 200-day moving average, with this trend remaining strong since July. Additionally, Ethereum’s Net Unrealized Profit and Loss (NUPL) remains around 0.22, indicating that investors are mildly profitable and have not entered a panic zone.
Tom Lee, Chairman of Bitmine Immersion Technologies, stated at Blockchain Week that the market “may have already bottomed out” and predicted a bigger breakout for ETH/BTC. He believes Ethereum may continue to expand its relative strength. If BTC holds above $94,000, ETH is expected to retest the $3,650 high; if momentum continues, the next target could be $3,900, representing nearly 20% upside from the current price.
From a macro perspective, Tom Lee expects BTC to reach $300,000 by the end of 2026, providing a long-term bullish outlook for the entire crypto market.
As of the morning of December 4, Bitcoin was trading at $93,000, while Ethereum rose 4.5% in 24 hours, leading mainstream assets, and the ETH/BTC ratio climbed to 0.034. Overall, Ethereum is demonstrating strong advantages in terms of capital flow, technicals, and market sentiment, reinforcing the current trend of “ETH outperforming BTC.”
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