A recent analysis by Bitwise has revealed that Bitcoin remains the primary driver of Ethereum's price movements, overshadowing Ethereum's own institutional and on-chain progress. The asset manager's factor-model analysis, based on 406 weekly observations since May 2018, found that Bitcoin accounts for approximately 65% of Ethereum's return variance. This suggests that Ethereum trades more as a Bitcoin proxy rather than being valued on its own fundamentals. Despite improvements in regulatory clarity and institutional access, Ethereum's price remains about 62% below its all-time high. Bitwise's report indicates that financial conditions and network activity play secondary roles in influencing Ethereum's price, with Bitcoin's influence being the most significant. The analysis also highlights that during certain market conditions, such as the post-FTX stress period in 2022, Bitcoin's impact on Ethereum's price was even more pronounced, explaining up to 90% of returns. At the time of reporting, Ethereum was trading at $2,305.