Ether is up 41% in April, whereas bitcoin is down 8% as of Wednesday morning.
Bitcoin is more of a crypto commodity than currency, and competes with gold as a store of value.
“To the extent owning a share of this potential activity is more valuable, the theory goes, ether should outperform bitcoin over the long run,” JPMorgan said.
“This liquidity shock originated in the derivatives market, leading to sizable liquidations.
“As a consequence, a higher proportion of ether tokens behave as if highly liquid than bitcoin, 11% versus 4% by some estimates over the past month….