A friend in the comment area raised a profound question, and I think it is necessary to discuss it separately.

Question: The exchange rate between Ethereum and Bitcoin, Ethereum has reached a new low again and again, what is going on?

I have always emphasized that this bull market has always been a bull market for BTC, and it is also a bull market driven by strong institutions. Compared with the pull of $5,000 and the pullback of $3,000 in 21 years, you can see when this bull market can turn back in the short term. It is basically pulled beyond your expectations and pulled to your despair. This is the power of institutions, or it can be said to be the power of centralization. This is also good. Because it is strong, there is still a bottom line when it collapses. However, it is limited to Bitcoin. Other currencies will fall if they are said to fall. Ethereum is no exception. Obviously, the trend of Ethereum in this round of market is not even comparable to BNB.

Everything is the logic of narrative economics. Those who have read this book should not find it difficult to find that narrative is the strongest existence in this era.

Ethereum has not had a narrative that can be shown for a long time since Cancun.

At present, if Ethereum can have the benefits of ETFs, then the basic industry will be on the market. But fortunately it has not been passed yet, which means the poor still have a chance.

Of course, you can also put your opinions in the comment section. I think there is no right answer to this question, only the right answer that sounds good...