Who is more stable
$BTC annualized volatility is 18.0%, double that of $ETH at 8.9% — contract traders fear volatility the most, with spikes specifically targeting high leverage. Sharpe ratio $ETH 3.10 vs $BTC 2.11, meaning after risk adjustment, $ETH earns 47% more per unit of risk. Simply put: with the same position size, $ETH lets you sleep well, while $BTC makes you wake up at night to check your phone.
Where does smart money stand
OI net inflow is the most honest indicator: $ETH has a cumulative net inflow of 38.1 million U over the week (on 10/1 a single-day inflow of 90 million, more than compensating for the 79 million outflow on 9/29), while $BTC has a cumulative net outflow of 27.6 million U (a continuous four-day outflow totaling 270 million, with only 240 million replenished on 10/1, still short).
Funding rate average for $BTC is 0.0035%, lower than $ETH's 0.0055% — $ETH longs are more willing to pay for leverage, $BTC longs are still hesitant. Money votes with its feet; $ETH is livelier on this side.
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