Comparing capital absorption since the FTX collapse in late 2022 reveals a stark contrast between the two leading cryptocurrencies:

* Bitcoin's Realized Cap grew from $402B to $870B, adding $468B (+117%)

* Ethereum's Realized Cap increased from $183B to $244B, adding only $61B (+32%)

This significant disparity in capital inflows explains their divergent performance since 2023. Ethereum's relatively smaller influx of demand and fresh capital has resulted in weaker price appreciation and its failure to reach a new all-time high, while Bitcoin surpassed $100k in December.