JPMorgan analysts report that Ethereum and other altcoins continue to underperform Bitcoin, despite a general market recovery following the Iran conflict. Led by Nikolaos Panigirtzoglou, the team highlights that Bitcoin has rebounded more robustly in terms of spot ETFs and institutional futures positioning. Spot Bitcoin ETFs have regained about two-thirds of previous outflows, while Ethereum ETFs have only recovered one-third. Additionally, institutional investors have shown stronger interest in Bitcoin futures compared to Ethereum. The analysts question whether upcoming Ethereum upgrades will enhance its performance relative to Bitcoin. Past upgrades have not significantly boosted network activity, and the upcoming Gramstad and Heggta upgrade aims to improve scalability and reduce transaction costs. However, the key concern remains whether these changes will drive enough demand to counteract the increased net supply due to a weakened token burn mechanism. Altcoins face challenges such as weaker liquidity, limited DeFi growth, and security issues, which have dampened investor confidence and capital inflows.