JPMorgan's Nikolaos Panigirtzoglou just dropped a note that most ETH holders probably didn't want to read — the underperformance trend for $ETH and altcoins vs $BTC isn't going away anytime soon, and the bank sees no clear catalyst to change that without real, measurable growth in DeFi activity and real-world blockchain applications.

The recovery data since the geopolitical selloff says it all: BTC bounced back harder, faster, and with more institutional conviction behind it. ETH and the broader altcoin market followed, but at a distant pace. JPMorgan's message is simple — price follows fundamentals, and right now BTC has them, ETH is still waiting to prove them. Until network usage actually grows, not just gets promised, the gap stays open.#JPMORGAN $BTC $ETH $XRP