The steady progress of Bitcoin continues to set new highs. Now, apart from Bitcoin, everything else is a clone, which is indeed somewhat frustrating. The Ethereum exchange rate has been declining from its peak for three years, and those who engaged in ETH/BTC grid trading have basically missed this bull market.

From a fundamental perspective, the driving force of the bull market mainly depends on market demand. The core of the last bull market was DeFi, and various infrastructures were laid out on the Ethereum chain, so the market demand for Ethereum drove its price. In this bull market, Wall Street capital has entered the scene, with ETFs and publicly listed companies incorporating Bitcoin into their balance sheets, and external consensus in the cryptocurrency space is primarily focused on Bitcoin. The money used to buy Bitcoin will not flow into altcoins; altcoins remain just a way for on-site funds to cut each other down.

From a macro perspective, the global economy is currently recovering, and major countries are in a rate-cutting cycle, with the floodgates open, leading to capital naturally overflowing from higher to lower levels. Although the overall scale of the cryptocurrency space is not large, there are many opportunities. The large market moves first, and subsequently, just a little capital can drive small-cap stocks.

In the ongoing bull market, Ethereum, as the king of altcoins, has launched an ETF, providing ample room for operations. For example, achieving a 10% to 20% increase is not particularly difficult. Therefore, one can pay attention to low-cost buying opportunities in the spot market.

For short-term trading, focusing on whether Bitcoin can truly break out is key. If Bitcoin does break out, then looking upwards to 5000 points or even 10,000 points (110,000, 115,000) is possible. If Bitcoin experiences a slight intraday pullback and can stabilize above 104,000, one can consider low-cost buying. However, if it effectively falls below 104,000, it’s best to exit, as even if there is a rebound, the target won't be too high. Overall, the risk-reward ratio is extremely high, making it worth a try.