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As BTC's market capitalization share has fallen back from the July high of 66%, with signs of capital rotation strengthening, combined with a rebound in on-chain activity, ETH may gain a relative advantage over BTC in 2026; currently, the ETH/BTC ratio has increased by 3.59% year-to-date. Analysts say that to sustain outperformance, it still depends on factors such as continued ETF demand, protocol upgrades (like Fusaka, Glamsterdam, ERC-8004), and the macro liquidity environment. (Decrypt)