The current market sentiment is that Ethereum has clearly surpassed Bitcoin. If we look at the stages, this can be considered the second stage. In the past, the first stage was when Bitcoin took off first, while this time it has been Bitcoin flying all along, only switching the spotlight to Ethereum since June, marking the beginning of the second phase.

The third phase is when valuable altcoins with large market capitalization start to stir, similar to when Trump won the election last year, where $DASH could double in two days. However, this situation has not yet occurred in this cycle, so we temporarily define the market as being in the second round stage.

The final stage is when unknown altcoins start to take off, and at this point, caution is advised, as it often indicates the beginning of a bubble collapse.

The recent pullback does not signify the end; whether it is due to deleveraging or early profit-taking, the conclusion is that it will not end here.

Additionally, when $ETH 's market share exceeds a certain percentage, it will be like the current Bitcoin, where whales continuously swap into Ethereum. So where will these whales on Ethereum go next?

That would be to larger market cap altcoins with better value.