What do you think about btc, eth, and sol? Bullish or bearish?
Currently, looking only at the short term, eth has dropped directly from 3500 without any rebound. I don't know the real reason.
In my view, eth is heavy, institutions are pushing it down to clear retail and long leverage, accompanied by a small number of institutions cutting losses and exiting, just like in July 2022 when Three Arrows Capital was blown up.
There are fundamental issues with eth. Personally, I think the likelihood of clearing retail is greater. xrp, ada, and sol can all rise, with market caps approaching eth, but their daily trading volume is less than one-fifth of eth, while eth's daily trading volume is 50%-70% of bitcoin's, which is completely inconsistent with its market cap. From this perspective, when even the dogs on the street know that eth is doomed, the cost-effectiveness of eth is already quite high.
I don't know if 1700 is the bottom; it is very likely not, but at this position, eth is quite cost-effective. If eth completely fails and its second position is taken by xrp, then there will be no more technology in the future, and the entire crypto space will become a casino for meme coins. In the long term, sol and other chains will also go to zero.
One day, eth may be replaced, but it will definitely not be by sol chain or centralized pseudo-tokens like xrp.
In the long term, I still have confidence in eth.
I won’t say much about bitcoin, I'm optimistic in the long run.
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