JPMorgan重磅解读：四大因素让以太坊跑赢比特币
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JPMorgan重磅解读：四大因素让以太坊跑赢比特币
Bitcoin may still be "digital gold," but Ethereum is rapidly growing into the "heart of the digital economy."
Navigating Web3 tides with focused insightsAuthor: BitpushNews
Over the past few weeks, a notable trend has emerged in the crypto market: Ethereum (ETH) has significantly outperformed Bitcoin (BTC).
According to a recent research report from JPMorgan, Wall Street analysts attribute this phenomenon to four core factors—ETF structural optimization, corporate treasury accumulation, regulatory softening, and the potential future unlocking of staking functionality. These factors not only explain Ethereum's recent strength but also suggest it may have greater upside potential ahead.
1. Market Context: Dual Drivers of Policy and Capital Flows
In July, the U.S. Congress passed the GENIUS Act stablecoin bill, delivering an unprecedented institutional boost to the crypto market. Subsequently, spot Ethereum ETFs attracted a record $5.4 billion in inflows during that single month—nearly matching the inflows seen by Bitcoin ETFs.
However, in August, Bitcoin ETFs saw slight outflows while Ethereum ETFs continued to experience net inflows. This divergence in capital flows became the direct catalyst for Ethereum’s outperformance relative to Bitcoin.
Meanwhile, the market awaits the upcoming September vote on the "Crypto Market Structure Act." Investors widely expect this to become another pivotal turning point similar to the stablecoin legislation. Under the combined influence of policy developments and market expectations, Ethereum’s standing in the capital markets has rapidly risen.
2. Analysis of Four Key Factors: Why Is Ethereum Outperforming Bitcoin?
JPMorgan analyst Nikolaos Panigirtzoglou and his team clearly identified four core drivers behind Ethereum’s strength:
1. Potential Unlocking of Staking Functionality
Currently, one of Ethereum’s defining features is its PoS (Proof-of-Stake) staking mechanism. Users need at least 32 ETH to run a validator node independently—an entry barrier too high for most institutional and retail investors.
If the U.S. SEC ultimately approves spot Ethereum ETFs with staking capabilities, fund managers could generate additional yield for shareholders without requiring them to operate nodes themselves. This would transform spot ETH ETFs from mere price-tracking instruments into “yield-bearing passive investment products.”
This represents a fundamental difference from Bitcoin’s spot ETFs: Bitcoin lacks native yield mechanisms, whereas Ethereum ETFs could offer built-in “interest,” clearly enhancing their market appeal.
2. Corporate Treasury Accumulation and Usage
JPMorgan noted that around 10 publicly listed companies have already added Ethereum to their balance sheets, collectively holding approximately 2.3% of the circulating supply.
More importantly, some of these firms are doing more than just “buy and hold”—they are actively engaging with the ecosystem:
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Running validator nodes: directly earning staking rewards.
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Using liquid staking or DeFi strategies: deploying ETH into derivative protocols to earn additional yield.
This signifies Ethereum’s evolution from a “speculative asset” into a “sustainable corporate asset allocation tool”—a transition Bitcoin has yet to fully achieve.
The involvement of corporate treasuries brings longer-term, stable capital into the market and strengthens the valuation anchor for Ethereum.
3. Regulatory Softening Toward Liquid Staking Tokens
Previously, the SEC’s stance on the compliance status of liquid staking tokens (LSTs) such as Lido and Rocket Pool was ambiguous, raising concerns they might be classified as securities—potentially deterring large-scale institutional participation.
However, recent developments indicate that SEC staff have provided clarifying feedback suggesting these tokens “may not be treated as securities.” While formal legislation is still pending, this signal has greatly alleviated institutional concerns.
As a result, institutional capital previously hesitant due to compliance risks may now enter Ethereum staking and related derivative markets faster and at larger scale.
4. ETF Redemption Mechanism Optimization: Approval of In-Kind Redemptions
The SEC recently approved in-kind redemption mechanisms for both spot Bitcoin and Ethereum ETFs. This means institutional investors redeeming ETF shares no longer need to go through the cumbersome process of “selling ETF shares for cash,” but can instead directly withdraw equivalent amounts of Bitcoin or Ethereum.
This mechanism offers three key benefits:
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Improved efficiency: saving time and costs.
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Enhanced liquidity: direct linkage between ETFs and spot markets.
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Reduced selling pressure: avoiding market sell-offs during large redemptions.
While this structure benefits both Bitcoin and Ethereum, Ethereum stands to gain more due to its relatively lower current institutional ownership—meaning greater growth potential and more pronounced marginal effects.
3. Outlook: Has Ethereum’s Potential Surpassed Bitcoin’s?
JPMorgan’s report notes that while Bitcoin remains the dominant “store of value” in the crypto market, Ethereum offers broader growth potential:
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ETF adoption: ETH ETF assets under management are currently smaller than BTC’s, but with staking functionality expected to unlock, they could attract more long-term capital.
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Corporate adoption: Bitcoin is already widely held by corporations and institutions, whereas Ethereum adoption is still in its early stages—leaving vast room for future growth.
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DeFi and application ecosystem: Ethereum is not just a digital asset; it supports decentralized finance (DeFi), NFTs, stablecoins, AI+ blockchain computing, and other applications, offering far richer use cases.
In short, Bitcoin resembles “digital gold,” while Ethereum is evolving into “infrastructure for the digital economy.”
4. Conclusion
JPMorgan’s analysis reveals a critical insight: Ethereum’s strength is not driven by short-term speculation, but by the compounding effect of four pillars—favorable regulation, structural improvements, institutional adoption, and potential yield generation.
With further refinements to ETF mechanics, continued accumulation by corporate treasuries, and possible future regulatory clarity from the SEC, Ethereum may gradually narrow—and even surpass—Bitcoin’s lead in the market landscape.
For investors, this trend is not just a signal of shifting capital flows, but potentially marks a turning point for the entire crypto market moving from “single-purpose value storage” toward a “multi-dimensional application ecosystem.”
In this new chapter of crypto history, Bitcoin may remain “digital gold,” but Ethereum is rapidly becoming the “heart of the digital economy.”
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