Founder of The DeFi Report: ETH is expected to outperform BTC in the second half of this cycle

Michael Nadeau, founder of The DeFi Report, wrote on X platform that ETH is a more reflective asset than Bitcoin. But we haven't seen this performance in the bull market after the merger, EIP1559, and ETH ETF. 5 reasons why it is more reflective and why I expect ETH to outperform BTC in the second half of this cycle: 1. Ethereum validators have extremely low operating costs. Therefore, there are significantly fewer "structural sell-offs" in this asset than BTC. 2. Ethereum "destroys" or "buys back" tokens when using the network. About 80% of user transaction fees are destroyed, and the remaining 20% ​​is used to compensate the network's supply side. 3. Ethereum has more on-chain activities than Bitcoin, including DeFi, L2, games, NFTs, etc. During periods of high usage, its network consumes more and more ETH. 4. Nearly 40% of ETH supply is "soft locked" on the chain, providing services within DeFi or as on-chain collateral. 5. Token rewards. Bitcoin pays out about $43.8 million in token rewards to miners every day. Ethereum pays out about $7.2 million per day. Bitcoin has $36.6 million more potential selling activity per day than Ethereum.