BTC/ETH Parity and Ethereum's Weakness

BTC/ETH parity is an important metric that shows Bitcoin's value against Ethereum. In recent months, this parity has been in favor of Bitcoin; that is, Ethereum has performed weaker compared to Bitcoin.
So why?
* The Impact of Spot Bitcoin ETFs: Spot Bitcoin ETFs, approved in January, attracted a large portion of institutional capital directly to Bitcoin. This increased Bitcoin's market dominance, while putting pressure on altcoins and therefore Ethereum. There was also an expectation of a spot ETF for Ethereum, but these approvals came later.
* Decrease in Network Activity and Competition: Some on-chain activity data on the Ethereum network has decreased. In addition, the rise of other layer 1 blockchains and layer 2 solutions such as Solana has partially dispersed the interest in Ethereum and increased competition by offering lower fees and better scalability.
* Institutional Accumulation Differences: Bitcoin's "digital gold" narrative and institutional investors' increasing concentration in Bitcoin have relatively reduced ETH's appeal in this process.
In summary, Bitcoin's strong support from ETFs, competition from other networks, and Ethereum's own dynamics have caused the BTC/ETH parity to trend in favor of Bitcoin in recent months.
Time will tell whether this situation will change with the approval of spot Ethereum ETFs.