Did everyone feel it! Something is not quite right with Ethereum here!

1. The issue of market share concentration

From a natural market ecology perspective, well-known assets usually occupy over 80% of market share. However, currently Bitcoin (BTC) is clearly outperforming Ethereum (ETH), and the capital is flowing into Bitcoin, with almost no inflow into Ethereum.

Bitcoin has broken through its previous high, Solana (SOL) is also about to break through, while Ethereum is far from its historical peak. Is this phenomenon normal?

Personally, I think this situation is abnormal. The rise of Bitcoin is understandable, but Ethereum's performance seems quite abnormal—especially in the face of strong market skepticism, Ethereum's price has neither plummeted significantly nor risen substantially, instead appearing somewhat artificially suppressed.

2. The impact of ETFs on the market

Both Bitcoin and Ethereum have launched ETFs, and Solana also has similar products. Suppose you are an institutional investor, the institutional entry price for Bitcoin is around $40,000, would new funds be willing to take over Bitcoin at a price of $100,000?

Institutions face pressure from management fees, and gold-backed or coin-backed assets may attract some funds to flow into Ethereum, as it could potentially capture part of the overflow of Bitcoin funds.

Recalling the previous round of Bitcoin's fluctuations around $40,000, institutions also experienced similar games. Now, it may be that large funds in Ethereum are quietly building positions, but do not wish to drive up the price to increase their holding costs, which is why the market seems to be in a state of "silence"—that is, attracting and digesting the selling pressure.