According to BlockBeats, on September 16, Alex Kuptsikevich, senior analyst at FxPro, said, “In the long run, the activity of Ethereum developers, both in the blockchain itself and in the expanding ecosystem around it, is the reason for the rise of ETH. However, by the end of 2023, the trend turned to Bitcoin, as the prospects for exchange-traded funds (ETFs) became more prominent.
It is important to note that the launch of the Ethereum ETF did not attract similar buying interest as the Bitcoin ETF, but instead resulted in net outflows, while also failing to reverse the downward trend in the ETH/BTC exchange rate.
The ETH/BTC exchange rate has the potential to fall further into the 0.02-0.03 range. This is surprising considering the overall positive sentiment towards altcoins in the months following the Bitcoin halving and the higher beta of altcoins to U.S. stocks, which have performed quite strongly in recent months. “(CoinDesk)
