Today's ETH is no longer a true competitor to BTC; instead, it represents the failures. Bitcoin firmly holds the position of king of digital assets, with a deep consensus on value storage and anti-inflation, while ETH gradually loses its way amid frequent upgrades and directional swings.
After transitioning from PoW to PoS, Ethereum's level of decentralization has been called into question, with large staking nodes controlling most of the stakes, compromising security and neutrality. In contrast, Bitcoin's network remains solid and reliable, with a simple and transparent operating mechanism, far superior in risk resistance compared to ETH.
More critically, the smart contracts and Web3 ecosystem that ETH focuses on still lack breakthrough applications, Gas fees remain high, and on-chain activity continues to decline. Capital increasingly favors the stable and value-preserving BTC rather than the complex and fragile ETH ecosystem. It can be said that Ethereum was once a challenger, but now it is merely a runner-up.
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