Bitcoin's recent outperformance over Ethereum doesn't necessarily indicate a reduced market risk preference. While Bitcoin has surged, often seen as a "safer" crypto asset due to its established status, Ethereum's lag could stem from specific factors like slower institutional adoption or weaker ETF inflows, not a broad risk-off sentiment. Market dynamics suggest investors might still favor high-risk assets, but Bitcoin's liquidity and familiarity could be driving its gains. Data shows Bitcoin up significantly more than Ethereum lately, yet risk appetite remains complex—other altcoins also show strength. Thus, it’s more about asset-specific trends than a clear shift to lower risk preference.