From the chip distribution perspective, the support below BTC is very solid, and the stability of the price mainly comes from low selling pressure, which is not significantly related to buying pressure.

In contrast, the rise of ETH is truly driven by real capital:

BMNR has been accumulating coins since July 9, currently holding 1.523 million coins at an average price of 3730. SharpLink holds 740,000 coins at an average price of 3478.

Institutions are still the main drivers of the price. Today's Ethereum is like Bitcoin when the ETF was just approved last year – institutions are buying frantically while retail investors are selling crazily. Now, small retail investors hardly hold any complete Bitcoin, and a similar situation may arise with Ethereum this time next year.