What will be the catalyst for ETH this round?

Or will it ultimately be weak, relying on rotation, with a final surge at the last moment?

Currently, the probability of providing a casino function like SOL seems low, and SOL has a significant advantage in this regard.

We haven't really seen the kind of DeFi boom that was prevalent in 2021.

It feels like the most likely scenario is the expectations and realization of stakable ETFs, which should be a relatively reliable narrative until SOL ETFs are approved.

If the level of institutional recognition can develop to that of BTC, or even half of it, then that would be the biggest positive for the fundamentals.