JPMorgan reports that Bitcoin ETFs have recovered two-thirds of their capital outflows since the October 2025 market downturn, while Ethereum ETFs have only regained one-third. Analysts, led by Nikolaos Panigirtzoglou, attribute this disparity to Bitcoin's established status as digital gold, contrasting with Ethereum's reliance on network activity and DeFi usage, which have not met expectations. The report highlights that institutional investors are more comfortable with Bitcoin, viewing it as a macro hedge and safe haven. Ethereum's underperformance is linked to stagnant DeFi adoption and limited real-world applications, despite its active developer ecosystem. This has led to a shift in institutional interest towards alternative layer-1 chains like Sui, which recently saw significant gains due to institutional staking and partnerships. JPMorgan's findings underscore the need for Ethereum to demonstrate tangible utility to attract institutional flows, as Bitcoin continues to draw capital based on its narrative alone. The uneven recovery rates reflect a market increasingly focused on concrete metrics rather than potential.