Explosion Warning: Is ETH losing its charm? Don't worry, this is just the calm before the big show!

In this round of the bull market, ETH and its relatives (LDO, OP, ENS, ETHFI) have all performed mediocrely, and market doubts have arisen: Has ETH been abandoned by the times?

But the truth is not so simple.

In the last bull market, ETH was the undisputed star, dominating the scene, with UNISWAP soaring for five months straight. And now? BTC has ascended to the altar with the backing of ETFs, SOL has stolen the spotlight with MEME and high-frequency DeFi, and even NFTs have been largely taken over by Sol and BTC, leaving the veteran ETH momentarily out of the limelight.

Did we make a mistake?

No, the rhythm has changed. ETH hasn’t lost speed; it just needs more time to brew the narrative it represents. While we anxiously focus on short-term price increases, we forget the “underlying logic” that initially attracted us to it.

Are you a speculator or a long-term believer?

It's like buying a car based on sales figures while ignoring the quality of the steering wheel. You only care if the coin price can rise in the short term, but overlook whether it’s a car that can run for ten years without breaking down.

Remember a few hardcore logics:

Value investing is not a guarantee of profit, but rather increases your chances of survival. In a bull market, you can seize opportunities, and in a bear market, you can avoid pitfalls; negative news isn't fatal.

In the long run, narrative + technology + user demand are all indispensable; the ultimate winners will still be these.

Returns are not about how much the price rises, but whether you dare to invest heavily and hold on. Some people buy 10 and make pocket money with a 50x return, while others hold 1 and make a fortune with a 10x return.

Look a bit further ahead, and your emotions will naturally stabilize. You are not competing over how much you gained today, but rather building a foundational asset that can hold its ground in the market ten years from now.

This is not the final chapter for ETH, but rather an intermission where the protagonist changes costumes.

The show is not over; think from different perspectives. When the wind rises again, we will know who the true dragon is.