In 4e cosmology, elves are the natural-world descendants of the eladrin of the Feywild. The Feywild is the bright counterpart of the Shadowfell, the land of death.
Ever since the rivalry between Legolas and Gimli, dwarves have been foils for elves. So what if dwarves descend from the Shadowfell?
It kind of makes sense. Dwarves are underground creatures who spend their time fighting the encroaching darkness. THAT’S WHAT THEY DO FOR FUN. That and build tombs and worship ancestors. And they are dour. So dour.
So let’s say that, long ago, the ancestors of the dwarves migrated from the Mountains of the Shadowfell. They established themselves in the mines and caves of the natural world, fighting goblins and kobolds instead of whatever dark shadowfell creatures they used to battle.
Does the Shadowfell still contain the Ancestors – the dwarven equivalent of eladrin? Maybe.
I love the third option. But you would need a dwarven-only party…