Persistently higher premiums on bitcoin futures indicate ether will continue its year-long underperformance relative to the largest cryptocurrency, claims a new report.

“The explanation can simply be that bitcoin as digital gold in a risk-off environment, sprinkled with the potential of spot bitcoin ETFs soon, is more enticing than the DeFi and NFT-associated ether," K33 Research Senior Analyst Vetle Lunde and Vice President Anders Helseth noted in its latest report.

“Sticking to bitcoin until there is clear proof of a spark in ether is likely the safest exposure for the time being,” the analysts added.

Spot bitcoin ETFs

Lunde and Helseth do not expect the Securities and Exchange Commission to appeal …