Bitcoin (BTC) climbed toward $100,000 on Friday, November 22, breaking Ethereum (ETH)'s three-year support. This cycle, competitors set record highs while ETH has stuck around $3,500 for over four months.

On Friday, November 22, Ethereum fell to 0.03187 vs Bitcoin. Ethereum fell below the support level it has held since 2021 as Bitcoin approached $100,000.

Ethereum's drop vs Bitcoin may be due to institutional investor apathy, retail investor apathy, and the migration of resources and focus to Layer 2 and Layer 3 scaling efforts.

Ethereum Spot ETF performance reveals why institutions have not invested in the cryptocurrency while Bitcoin Spot ETF outperforms.

Farside Investors UK reports six-day net negative flows or outflows for ETH ETFs. In contrast, institutional funds continue to pour billions into Bitcoin Spot ETFs.