The dominance of Ethereum in the market may be challenged due to the emergence of alternative assets and scalability issues. The competitive positioning dynamic between Ethereum and alternative assets, such as Solana, suggests a potential shift in market share. Although Ethereum is the second most institutionally adopted asset, the impact of its own ETF on its market performance is uncertain, as evidenced by the negligible impact of the Ethereum futures ETF. However, Ethereum could benefit if core narrative building blocks for Bitcoin or other L1s start to break down.

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