Amberdata Director of Derivatives Greg Magadini told COINOTAG that Bitcoin is increasingly functioning as a hybrid between digital gold and a risk-on asset. In the current macro backdrop — with equities advancing and the Federal Reserve under pressure to ease interest rates — that dual role is shaping capital allocation across the broader crypto market.

While some critics describe Ethereum as dated, market participants highlight its sizable developer ecosystem, often compared to the iPhone platform, as a driver of sustained application adoption. These accumulating network effects are viewed as structural support for long-term value, though analysts caution that outcomes will hinge on macro liquidity, on-chain activity and regulatory clarity rather than guaranteed trajectories.