ChainCatcher reported that Alex Kuptsikevich, a senior analyst at FxPro, said, "In the long run, Ethereum developer activity, both on the blockchain itself and in its expanding ecosystem, has been a driver of ETH price gains. However, towards the end of 2023, the trend shifted towards Bitcoin, as the prospect of exchange-traded funds (ETFs) became more prominent."

It's worth noting that the launch of Ethereum ETFs did not attract the same buying interest as Bitcoin ETFs, instead leading to net outflows and failing to reverse the downward trend in ETH/BTC exchange rate.

"The ETH/BTC exchange rate is likely to fall further into the 0.02-0.03 range. This is surprising, considering the overall positive sentiment towards altcoins in the months following the Bitcoin halving, and the higher beta coefficient of altcoins compared to US stocks, which have performed quite strongly in recent months," Kuptsikevich added.