In the last bull market, almost all the key turning points of the main uptrend were driven by new narratives from Ethereum, from the ICO boom to the explosion of DeFi, and later to chain games. The massive amount of Ethereum being passively staked essentially drove a short-term surge in its price. Almost all institutions used the utilization of Ethereum as the first standard to judge the strength of their projects. This year, however, the situation is quite the opposite, with serious market divergences emerging between the Ethereum technical team, which is entangled in improving Ethereum's efficiency, and the capital and retail investors pursuing returns, leading to Ethereum's decline.

Especially for the Ethereum Foundation, which has always managed to sell coins right before key market downturns, it is truly frustrating. Will Ethereum still come back in the bull market? Currently, it seems that this round of the bull market will certainly have a place for it, but in the long run, it is hard to say if there will be any trace of it in the next bull market. The market is progressive, and technology can be referenced; apart from the stable Bitcoin, everything else in the crypto market is replaceable.

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