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Jamie Coutts highlights that the ethereum:native to NDX ratio has climbed back above 0.087, a level that has capped its performance for four years since 2022. This milestone comes as ETF flows are outpacing expectations, technical indicators are confirming the trend, and Robinhood's recent launch is seen igniting further activity in decentralized finance (DeFi).
Coutts also points out that the last time this ratio inverted in a similar fashion was in 2019, which was followed by a significant run for ETH relative to technology stocks.
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Coutts has previously reported that over 90 percent of crypto value and activity is concentrated on five major blockchains, nearly a decade after their emergence, according to recent analysis. In another note, he observed that Hester Peirce's 2020 Safe Harbor proposal helped shape the stalled CLARITY Act, which remains delayed due to ethics concerns. The latest developments follow these earlier observations on both concentration and regulation within the sector.