The Week On-Chain 19, 2024
There has been a growing divergence in performance between Bitcoin and Ethereum during the 2023-23 cycle thus far. This has manifested as weaker price performance for ETH, and can be explained by an overall weaker capital rotation trend, especially relative to past cycles and ATH breaks.

Executive Summary
- The Fourth Bitcoin Halving initially led to a sell-off, with BTC prices falling to $57k before recovering swiftly. This is now the deepest pullback since the FTX lows.
- Ethereum exhibited similar price performance, experiencing its maximum drawdown of this cycle which was twice as severe as Bitcoin's.
- Ethereum's under-performance this cycle relative to Bitcoin is reflected in a measurable lag in speculative interest from the Short-Term Holder cohort.
- Both assets still have a relatively low Realized Cap associated with Long-Term Holders, suggesting the market is likely within the early stages of a macro uptrend.

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