ETH recently outperformed BTC and closes out Q2 with a sharp 37.04% gain, outperforming BTC and once again showcasing its historical tendency to outpace BTC during risk-on phases.
This is a strong signal of ETH’s cyclical leverage. But a closer look at the monthly structure tells a different story. Halfway through 2025, ETH has recorded only one green month, driven by a single, explosive +40% move.
Ethereum is trading like a rotation asset, explosive, but inconsistent. But BTC is delivering reliability. Now contrast that with Bitcoin. A $310 allocation at Bitcoin’s early $0.10-$0.30 price range would have netted 1,000-3,000 BTC. At today’s $107,000 price, that’s $107 million-$321 million, a return that dwarfs even ETH’s Genesis gains.
Meanwhile, Bitcoin’s CYD is declining. Old BTC isn’t budging. Even with prices breaking above $100k, the long-term holders are staying put, highlighting a clear show of conviction. If ETH’s rotational strength continues to rely on episodic volatility, while BTC rides on consistent spot demand, even strong quarters like Q2 could start looking fragile, as capital rotation into BTC becomes structurally more frequent.
As of now, at the time of writing this article, ETH is being trade around $2,450 and has seen a jump of 0.27% in its price over the past 24 hours and stands at a market capitalization of $295.2 Billion.