JPMorgan Says Ether Has Continued to Lag Bitcoin Since October 2025 Deleveraging
Forecast Trend Report by Period
JPMorgan said Ether has continued to underperform Bitcoin since October 2025, when markets went through a deleveraging phase.
CoinDesk reported on May 19 that JPMorgan wrote in a report that Ether has trailed Bitcoin in both price performance and institutional inflows since that October 2025 deleveraging.
The report said U.S. spot Bitcoin exchange-traded funds have recovered about two-thirds of their previous outflows, while spot Ether ETFs have regained only about one-third.
JPMorgan said Ether and the broader altcoin market need a rebound in network activity, broader decentralized finance adoption and increased real-world use to catch up with Bitcoin. Without a meaningful recovery in on-chain activity, the relative weakness could continue, it added.
