September was red for $ETH while $BNB kept punching into new highs. Alt leadership looks fragmented, with no clear narrative driver.

$ETH is still the structural backbone of #DeFi, but the market doesn’t care about fundamentals in the short term—it cares about flows, rotation, and momentum. And right now, $ETH is struggling to pull capital away from $BTC.

The critical question isn’t whether $ETH can outperform $BNB or $SOL for a few weeks—it’s whether $ETH can regain strength against #Bitcoin. Until that relative trade improves, alt leadership will remain fractured.

In every cycle, the $ETH/$BTC chart has been the true signal for when capital rotates from Bitcoin into the broader market. That hasn’t triggered yet.