A recent report by Messari examines Ethereum's (ETH) underperformance relative to Bitcoin (BTC), attributing it to changes in price dynamics rather than marginalization. The report highlights that Ethereum's value capture has weakened as activity shifts to Layer 2 solutions and alternative chains like Solana. Despite Ethereum's leadership in decentralized finance (DeFi) and stablecoins, its role is evolving into a less rewarded infrastructure layer. Meanwhile, Bitcoin continues to maintain its position as the dominant macro asset anchor.