Arbitrage isn't the fundamental explanation. There's no pure arb relationship between ETH and BTC. The real reason they're linked is for macro reasons. Hype fo

Arbitrage isn't the fundamental explanation. There's no pure arb relationship between ETH and BTC. The real reason they're linked is for macro reasons. Hype for ETH is correlated with hype for BTC. Regulatory environment for ETH is correlated to that for BTC. Statistical arbitraguers then front run the resulting macro flows, but the core reason they're linked is the macro flows, not the arbitrageurs.