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.

This article analyzes market shifts post-Bitcoin halving, focusing on the impact of increased transaction fees and stable mining operations. It discusses how traders must adapt to new revenue models shaped by lower block rewards and transaction-based income.

As Bitcoin continues consolidating, we investigate which cohort of investors are contributing the most to sell-side activity. We also use our new Breakdown metric suite to build a set of rules for tracking local market lows during corrections.