Disrupting perceptions! BTC is a thing of the past, and ETH will overturn the throne with its 'interest rate sensitivity' attribute! The change of kings is happening today!

In the resonance between the crypto world and macroeconomics, ETH is becoming a stress tester for the Federal Reserve's interest rate policy, with a sensitivity far exceeding market common perception.

I believe that this judgment from the co-founder of Axie Infinity precisely captures the essence of ETH—it is not only a smart contract platform but also the capital leverage center of the crypto ecosystem.

When the Federal Reserve sends hawkish signals, ETH often faces selling pressure first: during the 2022 interest rate hike cycle, the ETH/BTC exchange rate fell by a cumulative 40%, significantly higher than most mainstream tokens.

However, when the expectations for interest rate cuts warmed up at the beginning of this year, ETH's increase outperformed Bitcoin by 15%, revealing its high beta attribute.

The fundamental reason is:

The value locked in the DeFi ecosystem is directly linked to the Federal Reserve's policy on borrowing rates.

Consumer-grade applications such as NFTs and GameFi (like Axie Infinity) are more severely impacted by financing costs.

Institutional investors view ETH as an alternative to tech growth stocks, making it extremely sensitive to changes in discount rates.

However, a deeper issue has yet to be priced in by the market: if the Federal Reserve truly begins an interest rate cut cycle, can ETH break free from its dependence on macro narratives and establish an independent value capture logic? #ETH创历史新高

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