If we look at the previous round, we can roughly divide the market into three phases using the price of $BTC and Bitcoin's market share.
Phase 1: Bear market, with cryptocurrency prices declining (red arrow), and Bitcoin's market share rising (blue arrow), forming a crossover. This is the bear market as we typically understand it, where altcoins have fallen far more than Bitcoin.
Phase 2: The price of cryptocurrencies is fluctuating/slightly rising, and Bitcoin's market share is also increasing. At this time, the two lines are parallel. This is equivalent to Bitcoin rebounding from the bottom, but the amount of capital is still insufficient, hence it manifests as Bitcoin's own bull market, while altcoins have not followed suit.

The ETH/BTC exchange rate has dropped to its lowest point in the past year, falling below 0.038. The trend of the exchange rate is quite evident; it has been almost continuously declining from the last bull market until now, having gone through several adjustments in the ETH exchange rate, including:
ETH Merge
POW to POS
ETF
These have all temporarily boosted the exchange rate, but they cannot reverse the long-term downward trend. This first indicates that the meme of ETH ultraSoundMoney has completely failed.

We look at this issue from two angles, the first angle is why:From the previous list, it can be seen that ETH's upgrades in the last two years have mainly been at the infrastructure level, while application innovations have been minimal, or if there were any, they weren't accepted by the market. Demand-side increases are always the priority; supply-side reductions are not the key factor. The second issue is the liquidity fragmentation and narrative disconnection that everyone is talking about. ETH is actually trying to fly together with a host of smaller players like Arb, OP, ZK, ENS, but the vehicle is too heavy. Speaking of liquidity fragmentation, it seems Vitalik has recently been forced to realize this, but in my view, it’s a bit late.