Is it a bull market or a bear market now? Previously participated in the square live chat discussing $ETH . The last round of Ethereum rose nearly tenfold from a few hundred dollars to 4800 dollars. From a god's perspective, this was due to the Federal Reserve's epic monetary easing policy; coupled with many new narratives on Ethereum, such as NFT, DeFi, and Gamefi, there was a wealth effect! The logic of the strong getting stronger prevailed.

In this round, like $$BTC , they both passed the spot ETF, but over 90% of the funds flowed into the BTC spot ETF. Furthermore, Ethereum has not had any new narratives, while many Layer 2s like Bace chain, OP chain, ARB chain, and some worthless ones that I don't even want to mention, have divided up the market share that originally belonged to ETH. Adding to this is monetary tightening, with monetary easing still far off.

In summary,

It is reasonable for Ethereum to be in its current situation, and without any changes, it will only get worse; the weak will stay weak. Previously, when I held ARB and OP, I couldn't see clearly from within the situation, but now, with no positions, my heart is as clear as a mirror.