On June 3rd, the relative performance of major cryptocurrencies returned to the spotlight.CPT Markets indicates that institutional research is beginning to shift its focus from Bitcoin's unilateral price action to the potential for a shift in momentum favoring Ethereum over Bitcoin. A report from CoinDesk cited the head of digital asset research at Standard Chartered, who suggested Ethereum may be entering a phase of relative outperformance.

CPT Markets believes the key divergence behind this assessment lies in asset holding structures and cash flow capabilities. Bitcoin reserve entities, if needing to cover financing costs or operational expenses, might face the possibility of selling spot holdings in the future. In contrast, entities holding Ethereum-related reserves can generate yield through staking, resulting in comparatively less pressure on capital liquidity.

The report projects that the ETH/BTC ratio has the potential to rise towards 0.04 by year-end, which would correspond to Ethereum outperforming Bitcoin by approximately forty percent. While this projection remains a scenario-based judgment, it reflects the market's ongoing reassessment of the pricing advantages held by on-chain assets with yield-generating properties in the current cycle.

CPT Markets further assesses that whether Ethereum can sustain its relative strength will depend on factors including staking yields, institutional allocation appetite, and whether the funding strategies of Bitcoin reserve entities continue to diverge. Should these variables maintain their current trajectory, the rotation of capital among major cryptocurrencies could become more pronounced.