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Ethereum (ETH) has been in the spotlight recently for its stunning surge. To this point, it's seen its best monthly return in three years, rising 56%.
Ethereum's rise has surpassed that of Bitcoin. According to data, Ethereum's return reached 56% in the last month, while its value gained over 113% in the last three months.
While Bitcoin reached its $123,000 ATH, the rally remained limited. Data shows that Bitcoin's monthly return is over 10%, with gains over the last three months remaining around 27%.
CryptoQuant said that the rise in Etheruem was not due to capital inflow from Bitcoin, but rather an influx of new money altogether.
Bloomberg Senior ETF analyst Eric Balchunas called Ethereum a “tech stock of the 90s” following recent strong ETF inflows and strong gains.
At this point, Balchunas attributed ETH's recent price performance to net inflows into spot ETH ETFs.
Balchunas also likened Ethereum to the new tech stocks of the 90s in terms of accelerating adoption and network growth, unlike Bitcoin's “new gold” narrative.
Spot Ether ETFs recorded a 19-day streak of net inflows this month, the longest such streak in history.
“Ethereum Looks Like '90s Tech Stocks as ETF inflows Soar. This is a reminder that altcoin ETFs are more like '90s tech stocks than Bitcoin's 'new gold' appeal. Two blockchains, but very different operations.”
*This is not investment advice.