BitMEX CGO Raphael said that ETH/BTC has now given up all the gains since EIP-1559 was upgraded to a deflationary mechanism in 2021. Bitcoin's continued outperformance of Ethereum is becoming the basic expectation of the market. ETF inflows into Bitcoin tend to be more than 100 times that of Ethereum. MicroStrategy continues to raise billions of dollars to buy Bitcoin, and some large public companies (such as Tesla) also hold Bitcoin instead of Ethereum.