This round of ETH bull market is already weak!
Reasons:
1. This is the first bull market of ETH from POS to POW. It has lost the support of POW underlying resources and funds, and lost a large part of ETH partners who have been running around and contributing.
2. There is a lack of narratives, and the layer2 narratives that it relies on are all copies and pastes of ETH's business model.
3. ETH's DeFi system mostly serves ETH and ERC20 tokens on ETH, which is an internal circulation system.
The external assets input into the ETH system are only USDC and a small amount of USDT, and a very small amount of BTC.
4. The highest point of Eth in the last bull market was 4,800 US dollars, which was only more than twice the highest point of 1,800 US dollars in the previous bull market.
The growth acceleration has lagged behind BTC, so BTC broke the previous high in this bull market, while ETH was far behind.
5. The Matthew effect of the BTC leader consensus.
6. The demand and implementation of the BTC ecosystem are already diluting the ETH ecosystem.
It is not a pessimistic view that ETH has been falsified, nor is it an optimistic view of how many opportunities the ETH ecosystem still has
