# ETH led the decline, casting a shadow on Ethereum's prospects again.
In the past two rounds of bull markets, Ethereum and Bitcoin were the most powerful twin engines of the bull market, but this time, BTC broke the previous high, BNB broke the previous high, but Ethereum did not break the previous high of more than 4,800 dollars in the previous bull market.
The Ethereum ETF, which everyone eagerly awaited, had tepid trading data in the 24 hours after its approval, which was too different from the data when Bitcoin was first approved, indicating that institutions were more optimistic about Bitcoin and less favored Ethereum. When the big players on Ethereum saw that the institutions were not enthusiastic about taking over, they dumped the market and ran away.
Some people say that Bitcoin ETF also fell after it was approved, which is not surprising, but if you look at the 24-hour trading volume of the two ETFs, you will understand the gap between the boss and the second. Ethereum's mechanism leads to Ethereum getting better and better once it enters a positive cycle, and getting worse and worse once it enters a negative cycle. Bitcoin is issued within 21 million, while Ethereum is issued every day after full circulation. When the chain is very busy, the amount of gas destroyed every day is greater than the daily salary of miners, and then deflation begins. Now the daily destruction is about to be less than the issuance, and it is about to enter the unlimited issuance mode, which is a big concern.
Now the daily on-chain operation data of Ethereum is less than half of that of the Sol chain, which is almost the same as the Binance chain. If the Ethereum chain cannot come up with a disruptive innovation similar to the uni single-handed rescue in the past to make the chain busy, I suspect that in the next bull market in 4 years, Ethereum will even be out of the top ten. . . . . . .
In summary, Ethereum spot fans can consider adjusting their position layout.