Bitcoin: digital gold, store of value. Ethereum: smart-contract platform, DeFi exposure. In risk-off markets, defensive assets win.
Ethereum's leverage to tech and growth narratives makes it more correlated with equities and risk assets. Macro uncertainty = Ethereum weakness.
By August 6, Ethereum ETF inflows turned positive again with $52.91 million in daily inflows. Dips in quality assets attract buyers who missed entry.
It's not that Ethereum is broken. It's that Bitcoin's 2026 narrative—digital gold in uncertain times—is currently winning institutional capital allocation.
When macro conditions improve and investors rotate back into growth and innovation narratives. A strong data print, Fed pause, or crypto catalyst could trigger it.
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