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📉 Why is Ethereum still underperforming Bitcoin? Ethereum's on-chain data reveals a growing disconnect between tightening supply and soft demand. 📊 On the supply side, the picture is becoming increasingly constructive: 🔹 ETH exchange reserves have fallen from 16.8M to 15.1M ETH, reducing the amount of $ETH immediately available for sale. 🔹 Meanwhile, the staking ratio has climbed to 33.9%, meaning a larger share of the circulating supply is locked in staking. 💡 However, supply reduction alone hasn't been enough to drive a stronger rally. ⚠️ Network activity remains relatively subdued. ETH burn has fallen to around 11.9 ETH, indicating that base-layer usage is still too weak to generate meaningful scarcity. At the same time, the Coinbase Premium Index remains in negative territory, suggesting U.S. spot demand continues to lag behind global markets. Adding to the mixed picture, funding rates remain positive, showing that leveraged traders are still willing to pay to maintain long positions—even though stronger spot buying and network activity have yet to confirm the bullish outlook. 👀 #Ethereum has successfully reduced available supply, but it hasn't yet translated into a stronger monetary premium. A more sustainable uptrend will likely require higher on-chain activity, stronger fee burn, growing settlement volume, and a sustained recovery in U.S. spot demand. #Ethereum #ETH #Bitcoin #OnChain #Coinbase #DeFi #Crypto #MarketUpdate #Blockchain