BTC surged while ETH remained relatively flat, possibly due to the following reasons:

1. Market capital flow and preferences

• Bitcoin's safe-haven attribute: BTC is the 'digital gold' of the crypto market, typically prioritized for purchase when market confidence is restored or capital flows back in.

• ETH's narrative lag: ETH relies more on ecosystem development and technological upgrades (such as Layer 2 scaling, dApp growth), but there haven't been recent 'black swan' positive events like BTC.

2. Current narrative dominance

• Bitcoin ETF expectations: Several institutions in the U.S. (such as BlackRock) are pushing for a Bitcoin spot ETF, creating expectations for institutional capital to enter Bitcoin. Although ETH also has ETF applications, market attention is significantly lower than BTC.

• Institutions favor Bitcoin: Traditional financial institutions, when first entering the crypto market, tend to prefer the relatively lower risk and clearly defined value of BTC over the complex ETH ecosystem.

3. Decentralization of the Ethereum ecosystem

• Ecosystem capital diversion: As a smart contract platform, ETH's capital frequently flows into various Layer 2 solutions, DeFi protocols, and the NFT market, rather than being directly concentrated in ETH itself.

• Reduced trading activity: When the overall crypto market is sluggish, DeFi and NFT activities decline, leading to reduced demand for ETH.

4. Technical and market sentiment

• Ethereum Gas fee issue: Although the ETH 2.0 upgrade shifted to PoS, the Gas fee issue has not been fully resolved, potentially suppressing some demand.

• 'Big coin pull-up, small coins catch up' effect: Historically, Bitcoin's rise often attracts market attention, while other assets (including ETH) usually respond with a lag.

5. Whale behavior

• BTC main force pull-up: The recent surge in BTC may be related to concentrated buying by whales and institutions, while ETH's chip distribution is more scattered, resulting in relatively lower volatility.

Possible future trends

If BTC continues to rise and market sentiment improves, ETH may have an opportunity to catch up, especially when the narrative shifts to the Ethereum ecosystem (such as DeFi recovery or increased Layer 2 adoption). Although ETH has not performed as well as BTC in bear markets, its strong ecosystem support still makes its long-term investment value promising.

If you are interested in specific data or trends, we can explore further!