Bitcoin has found effective support around 110,000, and we are seeing capital flow back into the Bitcoin spot ETF market, which are all valid signals.
Ethereum has clearly surpassed Bitcoin; if we look at it in terms of phases, this is considered the second phase. Traditionally, the first phase has Bitcoin as the first bird to take off, but this time, Bitcoin has been flying all along. It wasn't until June that the protagonist switched to Ethereum, and the final stage is when unknown altcoins start to take off. At that point, we need to be cautious, as this is often when bubbles begin to collapse.
The recent pullback does not signify an end; whether it's a clarification of leverage actions or early profit-taking, the conclusion is that this will not end here.
Additionally, when Ethereum's market share exceeds a certain proportion, it will be like the current Bitcoin, with whales continuously switching to Ethereum. So where will these whales on Ethereum switch to next? That would be higher value large-cap altcoins.
