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Ethereum has been lagging behind Bitcoin in the recent market rally, and a CryptoQuant analyst explains why. The net taker volume for Ethereum, which measures the difference between taker buy volume and taker sell volume on the Bitcoin futures market, has been mostly negative. This suggests a bearish sentiment among investors, with selling pressure outweighing buying pressure. In contrast, Bitcoin has experienced periods of positive net taker volume, indicating strong buying pressure. As a result, Bitcoin has seen a sharp rally while Ethereum has struggled. Ethereum’s underperformance is evident in its year-to-date chart, as it has not reached the highs set earlier in the year. While Bitcoin has surpassed previous tops and is trading at significantly higher levels, Ethereum is still trading around $1,800, well below its peak of $2,100 in April. The net taker volume indicates that Ethereum may continue to underperform as long as investor sentiment remains negative.