Mike Web3

Mike Web3·March 19, 2026

Web3 Educator

Bitwise Found What’s Really Driving Ethereum Price, And It’s Not Fundamentals

Ethereum’s price has spent much of the past cycle lagging its own institutional and on-chain progress, and Bitwise says the reason is straightforward: ETH is still trading primarily as a Bitcoin proxy, not as a fundamentally valued network. In a new factor-model analysis, the asset manager found BTC has been the dominant force behind weekly ETH returns since 2018, with macro conditions, network activity and ETP flows playing secondary roles. That finding matters because it cuts against one of th

#eth price#bitcoin proxy#crypto fundamentals