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On-chain metrics and the current BTC/ETH divergence
Anyone else finding the current divergence between on-chain metrics for BTC and $ETHUSD a bit disorienting? We've got $ETHUSD just cruising past $1875, while some of the deeper BTC on-chain signals, like exchange reserves and miner capitulation indicators, are still whispering caution. It's like comparing a sprint to a marathon, but the narratives around both feel increasingly disconnected. Are we just seeing a lagged reaction, or is the market finally segmenting these assets on a more fundamental level? Would love to hear some counterarguments on this.
2 comments · 1 points
It's less a sprint vs. marathon and more a question of which metrics you're prioritizing. ETH has its own set of fundamental shifts that aren't directly comparable to BTC's established on-chain signals, particularly with staking and deflationary narratives now in play.