Ethereum (ETH) has significantly outperformed Bitcoin (BTC) this year, driven by growing institutional demand. According to a K33 Research report highlighted by The Block, the ETH/BTC price ratio has exceeded its year-to-date peak of 0.037. Since June, ETH has surged by approximately 70%, dwarfing BTC's 9% increase. This surge is attributed to substantial inflows into potential US spot ETH ETFs, indicating strong corporate interest in ETH investment. Conversely, Bitcoin's derivatives market sentiment is cooling due to macroeconomic factors, including a sharp rise in the US Producer Price Index (PPI). The one-month option put-call skew has reached a two-year high, suggesting traders are hedging against potential downside risks for BTC. ```

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