Ethereum's Price Driven by Bitcoin's Moves, According to Bitwise

Ethereum's price is largely driven by Bitcoin's moves, according to Bitwise, with a 0.99 correlation coefficient meaning the assets move in tandem. Macro environment and ETF inflows are the next most important drivers, while network activity accounts for only 6% of Ethereum's weekly price action. Investors are taking a wider view of their exposure, exploring how different assets move together and building around a broader market view.