Why is this round of the ETH bull market so weak???

The core value of Ethereum is essentially an asset issuance platform. Looking back at the past few cycles, whether it was ICOs, DeFi, NFTs, or GameFi, the core logic has always been "issuing new assets," followed by the processes of trading, liquidity, and value discovery. However, today the competition among asset issuance platforms has become much more intense, especially with new assets like meme coins being born more frequently on chains like Solana, challenging Ethereum's market share.

The deeper issue is that a lack of new asset issuance means insufficient incremental users, reduced market activity, and a direct impact on the prosperity of Ethereum’s ecosystem. From another perspective, if we compare Ethereum to a business, its "growth" is difficult to meet expectations, and a lack of user growth will naturally affect trading activity and on-chain economy.

What’s more concerning is that Ethereum's most proud "decentralization" feature is almost imperceptible to ordinary retail investors. The ones truly concerned about decentralization are mainly large institutions, core project teams, and geek users. While their size is significant, it does not necessarily translate to high transaction fee revenues. For example, even if ten Rolls-Royces drive on a highway, the toll they contribute is still far lower than the traffic of one thousand Wuling Hongguang vehicles.

Ethereum has seen insufficient innovation this round, and after the ETF, there are no new stories to tell; the hype can no longer be sustained. The methods of previous cycles were essentially Ponzi structures; thus, the market is constantly searching for new narratives—because the old models are hard to maintain, and new stories and concepts are needed to attract incremental funds. However, now the industry's focus is gradually shifting towards real income and RWA (real-world assets), hoping to support the market with a more solid economic foundation.

The problem is that once the industry begins to "get grounded," following the old paths of traditional valuation models and business logic, many things may become less appealing and may no longer stimulate FOMO (fear of missing out) emotions. After all, the growth of the real world is often slow and rational, while the fervor of Crypto is built on rapid growth and uncertainty. #MGX投资币安