Despite strong on-chain activity, Ethereum’s price continues to lag behind Bitcoin in October 2025. This underperformance is attributed to supply dynamics and evolving market sentiment, with analysts highlighting a shift in investor focus towards Bitcoin. Ethereum’s price fluctuations between $4,200 and $4,500, despite its strong on-chain activity, have surprised investors and traders, driving an increased demand for Bitcoin as a result. Key factors behind the lag include:** 1) **Market rotation** with investors re-allocating capital towards Bitcoin, 2) **Institutional buying** of Ethereum which suggests long-term confidence in its value, and 3) **Shifting market sentiment** that has impacted trading strategies. This shift is reflected in expert analysis from Standard Chartered, which highlights the potential for Ethereum to regain momentum with increased activity in staking and Layer-2 solutions. However, the lack of comment by Vitalik Buterin or other major figures on this price gap underscores the continued uncertainty surrounding the market’s future direction. The volatility of the market necessitates caution and informed investment strategies as we await further developments.