Drawdown explained more plainly: $BTC's maximum drawdown throughout was only 0.5% (based on closing price), $ETH's was 1.4%. On 10/02, $ETH even suffered an intraday spike from 2,779 down to 2,648, a nearly 5% cut in one stroke. Holding contracts the same way, $BTC took the elevator up, while $ETH climbed the stairs and even took a tumble. On the normalized curve chart, before 10/02 they walked shoulder to shoulder; after 10/04, one looked up while the other lay flat— the outcome was decided that day.
Capital scene: Smart money is all ordering at the $BTC table
Net inflow of open interest is the most honest: $BTC net piled up $684 million over six trading days, with single-day inflows starting at $240 million on both 10/01 and 10/02, and another $133 million added on the recent pullback; $ETH only had $176 million in the same period, nearly four times less. On the fee side, $BTC's average is 0.0046%, $ETH's is 0.0055%, meaning $ETH bulls are paying more expensive rent but have far fewer dishes on the table. The spot ETF added another cut: IBIT had a net inflow of $103 million on the first day of October. The Bitcoin spot ETF keeps refilling the cup, with institutions using real money to show you which table to sit at.
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