BIT Official: BNB synchronizes with ETH trends, but BNB is quietly gaining an advantage

According to a report by Golden Finance, on May 13th, BIT Official released a daily chart analysis stating that the historical trends of BNB and ETH are highly synchronized, reflecting their similar sensitivity to the overall market environment. In the context of rising risk appetite, the increase in on chain activity often boosts the trading demand, network fees, and token market of major smart contract ecosystems. On the contrary, when the dominance of Bitcoin rises or the overall risk appetite cools down, funds usually withdraw from various types of altcoins, keeping these two types of assets highly correlated. However, the underlying driving logic of the two market trends has begun to diverge. The expansion strategy of Ethereum, with its second layer network as its core, has reduced the transaction costs of the entire ecosystem, but it has also led to a decline in the Ethereum mainnet's fee income and token destruction, weakening the support of ETH's deflationary narrative based on fees. At the same time, the BNB chain continues to benefit from the demand for low-cost on chain activities, and the popularity of network usage remains relatively strong. In the overall safe haven market, ETH and BNB are still closely linked, but in the current stage of market recovery, BNB's short-term fundamental pattern is more stable. If the differentiation trend of on chain activity continues, the performance of BNB relative to ETH is expected to continue to strengthen, and the price correlation between the two may gradually weaken.