In 2020, Ethereum saw the emergence of DeFi, and in 2021, the ERC-721 protocol brought NFTs, two major concepts of the Metaverse. Ethereum's last bull market constantly introduced new concepts to the market, while other chains could only copy. The COVID-19 pandemic in 2020 led the Federal Reserve to inject liquidity into the market at an unprecedented speed, benefiting both retail and institutional investors. Retail investors had significantly more money than now, and there were instances of retail investors outperforming institutions on platforms like GameStop.

In this bull market, Ethereum's scaling speed has fallen short of expectations, with no significant innovations, and ETFs are not being well-received; the core of the primary market still remains on Solana.

After the previous two cycles, retail liquidity has once again concentrated among institutions, which are investing funds into the top assets in the U.S. stock market and the crypto space.

History often has similarities, but it never simply repeats itself.

In this round, Ethereum is seen as trash, and even if there is a meme coin market, it is very localized.