Ethereum (CRYPTO: ETH) has exhibited a curious pattern of weakness over recent weeks, with Hyperliquid (CRYPTO: HYPE) being a notable beneficiary of this trend.
What Happened: Lookonchain and pseudonymous crypto trader kirbyongeo highlighted the divergence in the performance of Ethereum and Hyperliquid relative to Bitcoin’s (CRYPTO: BTC) repeated moves to $100,000.
The first time Bitcoin hit $100,000, Ethereum was at $3,900 and each subsequent time the crypto king hit the six-figure threshold, ETH’s price went lower: $3,800 → $3,700 → $3,400 → $3,200 → $2,800.
This reflects Ethereum consistently losing value relative to BTC, possibly due to capital rotation into Bitcoin or other assets.
On the other hand, Hyperliquid has been trending upward or maintaining its value.
The first time …
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