Ramazan Eles 
A crypto analyst has claimed that investors’ interest in Ethereum is waning and that they are instead turning to another altcoin.
It is reported that investors are losing faith in ETH due to Ethereum’s inability to consistently match Bitcoin’s significant gains. According to Luke Nolan, a research analyst at CoinShares, sentiment surrounding Ethereum (ETH) is at its lowest level in recent years, despite recent developments such as BlackRock’s BUIDL fund.
This waning optimism coincides with the rise of smaller altcoins like Solana, which are attracting investors who no longer expect Ethereum investments to yield the same high returns as they have in the past. Nolan noted that while some may not view ETH as an altcoin in its own right, its performance relative to Bitcoin remains a strong gauge for understanding current market dynamics.
According to the analyst, the price gap between Bitcoin and Ethereum could become more pronounced as Bitcoin ETFs continue to gain momentum. Nolan predicts that an ETH ETF will almost certainly be rejected in May, which would reduce inflows to ETH in already existing exchange-traded products (ETPs).
Ethereum is the largest among altcoins with a market capitalization of $384 billion. However, according to Nolan, this success is a double-edged sword. The analyst explained that ETH’s large market cap has led investors to look for lower-valued alternatives, with Solana emerging as a popular choice.
Most investors assume that it will be difficult for Ethereum’s market cap to surpass that of Bitcoin, which currently stands at $1.27 trillion. This perception is limiting the upside potential seen by Ethereum investors.
In contrast, Solana has a relatively low market capitalization of $64 billion despite rising 546% in the past year, leaving more room for growth. Investors have also begun paying more attention to Solana’s price compared to other cryptocurrencies. Nolan has observed a significant increase in interest in the SOL/ETH and SOL/BTC pairs compared to the previous one in this cycle.
Nolan believes that the approval of a spot Ethereum ETF would help boost interest and expects an ETF to be approved in 2025.