It must be acknowledged that ETH's performance in this bull market has been relatively weak. Even at the peak of market sentiment, its circulation only accounted for 25% of BTC, whereas in the previous bull market, the circulation of ETH and BTC was almost equal. Currently, ETH's opportunities may only exist in the following two scenarios:

1. Capital has not completely abandoned ETH, but is brewing a larger opportunity! However, after multiple rounds of suppression, this possibility seems to have been greatly reduced. Perhaps this situation is a result of ETH switching to the POS mechanism during the bear market.

2. The bull market is likely not yet over, and the vast majority of project teams in the market must also consider their own circumstances. They may raise funds to create a wave of FOMO sentiment towards ETH, thereby supporting their own token market-making activities. However, the sustainability of this trend is limited.