Why did BTC not surge when Powell spoke, while ETH soared

ETH directly jumped to a historical high of $4888, while Bitcoin just hit $117400 and then stopped moving, not even touching $120000. Last night, Powell's speech was dovish and the atmosphere was heated; why is Bitcoin so disappointing?

Let’s take a look at the data to understand

The net outflow of Bitcoin spot ETF in the U.S. was $23.2 million, while BlackRock's IBIT alone withdrew nearly $200 million! On the other hand, Ethereum ETFs are wildly attracting $337 million, with big players like BlackRock and Fidelity desperately increasing their ETH positions.

This is no longer a matter of strength and weakness; it’s fundamentally a shift in capital. Why the shift? It's not because Bitcoin is failing, but because Ethereum's narrative is more liquid, and institutions like BlackRock are clearly entering the market, staking for yield + expectations for ecological applications, coupled with new products like Grayscale's mini ETH boosting demand, making ETH highly sought after.

On a side note: On-chain data shows that a giant whale sold 300 BTC, converting all into ETH, even taking $580 million long on ETH. After earning $1.1 billion with Bitcoin over 7 years, they are not greedy, which indicates what? The short-term rhythm has changed.

Of course, Bitcoin is not out of the game. It still remains digital gold, but at the moment, the market is more willing to direct its bullets towards the more explosive and active ecosystem of Ethereum. This is not a question of whether it's a bull or bear market; it's an issue of capital allocation efficiency.

So don't just criticize Bitcoin as worthless; the trend is clear. If you are only focused on whether BTC has risen or not, you may have already missed half the market movement.