It seems that $ETH has indeed changed the dealer.

Is $ETH changing hands???

Several leading trading platforms in the crypto space have the motivation to operate ETH, as the data in the fields of DeFi and Staking are beneficial to the exchanges. They have sufficient reason to support ETH as a core asset.

The so-called 'secondary stock market'—for example, ETFs—more often than not are merely tools for them to cash out and market make; fundamentally, they are not aimed at truly promoting the development of ETF business, but rather serve as a 'liquidation' channel in their hands.

BTC has been firmly controlled by American capital. After harvesting chips, they begin to tighten market liquidity, forcibly lifting the market to a parabolic phase—which means it looks like it's soaring, but in reality, it's a result of market manipulation. In this case, BTC has instead become a 'noose' for the leading exchanges—appearing glorious but difficult to operate and cash out.

The self-issued stablecoins that the exchanges painstakingly created were originally meant to grasp market pricing power, but now they are losing market share to stronger competitors (like USDT or national-level stablecoins).

Now they cannot stop BTC spot trading and can only be forced to cooperate with the market trend.

If the exchanges can 'lift' ETH from the trough and turn it into a new leading asset, this will be their way out after BTC becomes difficult to control.

The crypto space still needs to differentiate from American capital, each playing their own game; otherwise, they will be killed off. With a bunch of brokers already compliant with crypto assets, the cake left for exchanges is all spoiled. Without exchanges, there wouldn't even be a few trades to speculate on.

Then looking at the news front, Old Black Arthur and Dove Eugene, after being bullish on Ethereum, even Cathie Wood has come out bullish.

She believes that the Ethereum Foundation seems to be proposing the right scalability and privacy solutions to maintain Ethereum's leading position in the institutional world.

With such a high-density of concentrated voices, it seems this wave of ETH has changed hands.