The founder of The DeFi Report, Michael Nadeau, said on social media that ETH is a more reflective asset than one bitcoin. But we haven't seen that performance in the post-merger, post-EIP1559, and post-ETH ETF bull market. 5 reasons why it's more reflective, and why I expect ETH to outperform BTC in the second half of this cycle: 1. Ethereum's validator operating costs are extremely low. Therefore, there is significantly less "structural sell-off" in the asset than in BTC. 2. Ethereum "burns" or "buys back" tokens when using the network. About 80% of user transaction fees are burned. The remaining 20% is used to compensate the network's suppliers. 3. Ethereum has more on-chain activity than one bitcoin, including DeFi, layer 2, games, NFTs, etc. During periods of high usage, the network consumes more and more ETH. Nearly 40% of ETH supply is "soft-locked" on-chain, providing services within DeFi or as on-chain collateral. 5. Token rewards. Bitcoin pays miners about $43.80 million in token rewards per day. Ethereum pays about $7.20 million per day. Bitcoin has $36.60 million more potential sales activity per day than Ethereum.