[JPMorgan: ETH and Altcoins May Continue to Underperform Bitcoin if On-Chain Activity Remains Weak] Odaily Planet Daily News - JPMorgan analysts stated that despite the overall recovery of the crypto market following the Iran conflict, Ethereum and other altcoins continue to underperform Bitcoin. This trend, which has been forming since 2023, may be difficult to reverse in the short term unless there is a significant improvement in network activity, DeFi, and real-world applications. The report highlights that, based on spot ETF fund flows and institutional futures positions, Bitcoin's recovery momentum is stronger than Ethereum's. Spot Bitcoin ETFs have recovered approximately two-thirds of the previous outflows, while spot Ethereum ETFs have only recovered about one-third. Meanwhile, CME futures data shows that institutional investors are rebuilding their Bitcoin exposure more aggressively, with Bitcoin futures positions nearly fully recovered, whereas Ethereum futures positions remain below previous levels. JPMorgan believes that without stronger on-chain fundamentals and practical application support, the relative weakness of ETH and altcoins compared to Bitcoin may persist.