The disappointment with Ethereum is felt by everyone, mainly not because of how much it has dropped, but because it has almost followed all of Bitcoin's paths. The positive news for Bitcoin has also been shared with Ethereum, but emotionally, every time the foundation sells 100 $ETH, it feels quite unpleasant. While these 100 coins do not significantly impact the market, they do affect many retail investors' sentiments.

Additionally, the liquidity is indeed not good enough; the market still primarily revolves around Bitcoin. The data from ETFs also shows that American investors are indeed making efforts to buy in, but Ethereum lacks sufficiently strong business capabilities. This may sound a bit funny, but since 2023, the on-chain wealth effect of Ethereum has disappeared.

1. No liquidity, 2. No compelling narrative, 3. No wealth creation effect, still the eternal second place. A reversal may have to wait until liquidity returns, and that is merely a possibility. #金价走高