The recent differentiation in the crypto market following Powell's dovish remarks has provided a more specific understanding of asset rotation and capital preferences.

Previously, it was often thought that macro positives would lead to similar movements in related assets, but the market where ETH reached new highs while BTC faced resistance has clearly broken this inertia — the key is not 'whether there is liquidity,' but 'where the liquidity is flowing.' ETFs have become the core hub of capital diversion this time, with the continuous capital inflow into ETH ETFs and the unexpected outflow from BTC ETFs directly widening the performance gap between the two. This indicates that the emergence of new financial instruments can quickly change the logic of market capital flow, and we can no longer assume that 'the leading asset must always lead the rise.'

More importantly, there is a shift in market narrative. The actions of whales switching from BTC to ETH, the yield-generating advantage of ETH staking, and even the sentiment of 'breaking new highs without resistance' — these details together suggest that investors are 're-scoring' the assets: in the current environment, assets that 'generate yield,' 'have new hotspots,' and 'face no emotional resistance' are more favored. This also indicates that when observing the market, one should not only focus on prices but should follow the 'preference logic' of capital — capital is always looking for the most 'compatible' targets at the moment, rather than fixating on the 'old leaders.'

Of course, there is no need to overly amplify the impact of short-term differentiation. The crypto market has always rotated quickly; currently, ETH has taken the lead, but if BTC finds new breakout points or ETH's popularity cools down, capital could very well shift back. Ultimately, this market situation is a 'phase selection,' not a 'final judgment on asset value.' It is important to maintain dynamic observation in investing and not be swayed by temporary strengths or weaknesses in assessing the long-term logic of assets. #ETH创历史新高 #杰克逊霍尔会议 $BTC $ETH