ETF inflows may explain ETH outperformance over BTC

The argument reframes ETH's relative strength as a flow story rather than a fundamentals one, which matters because it ties performance to a structural, mechanical buyer that did not exist in prior cycles. If ETF demand is the marginal driver, ETH's beta to broader crypto sentiment may be increasingly set by traditional allocation decisions rather than on-chain activity. The open question is whether proportionally larger inflows persist once the initial ETF build-out matures, or whether they reflect a temporary rotation that fades.