Ethereum's Identity Dilemma: Independent Currency or Bitcoin's Shadow?

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Ethereum’s identity remains in question as the **Bitcoin adoption story** continues to dominate. In 2025, ETH/BTC dropped sharply, but a rebound pushed prices to $4,946 in August. Ethereum ETFs and treasury firms like Bitmine added fresh demand. Yet, high beta against Bitcoin and competition from Solana and Hyperliquid keep it tethered to the **Bitcoin adoption story**. Traders are watching closely, with **fear of missing out** driving some positions.
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