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The main reason for Ethereum outperforming Bitcoin is the significant risk exposure revealed by MicroStrategy.
It's the same in the US stock market: BNMR has strengthened with a 10% gain tonight without any pullback. MSTR dropped 8% as soon as it was sold off.
Additionally, the whale on HYPE who is heavily long on ETH hasn't closed their position yet, which is propping up ETH. However, if this person closes their position, the ETH premium could quickly tighten.
With such a big increase, it's wise for everyone to be cautious.
If a rate cut is supposed to happen early Thursday morning, it will happen, and there will still be large fluctuations tomorrow and the day after.