$BTC Bitcoin has reached a new all-time high, and it has become commonplace to see new highs every week. Solid spot buyers are bringing in external funds, pushing the price of Bitcoin like a bulldozer.

However, altcoins represented by $ETH are relatively weak, and Bitcoin's market share is rising during the bull market, which is a rare situation. Currently, BTC's short-term implied volatility is 65%, on par with ETH, which is also a rare occurrence, as generally, ETH's volatility expectations are greater than BTC's, but the long-term implied volatility still maintains a 6% difference.

Based on the above facts, it seems highly likely that the ETH exchange rate will continue to hit new lows in the short term.