In fact, $BTC and $ETH are based on completely different logic
Trading BTC is like macro investing
Trading ETH is like trading tech stocks
Trading BTC is more similar to trading commodities or government bonds, focusing on macro expectations, ETF buy/sell data, and futures basis. The position rhythm is slow, but you can take a bigger risk because of deep liquidity backing.
$ETH is no longer just an asset; trading ETH is based on the logic of tech stocks + cash flow.
You can treat it as a revenue-generating tech stock, primarily driven by narrative, which is a completely different logic from the macro-driven nature of $BTC. When narratives are scarce, on-chain activity is sluggish, and gas fees are low, inflation will occur, leading to continuous POS sell-offs.
Therefore, applying the BTC approach to ETH may not yield good results, and being fully invested in BTC is definitely more reassuring than being fully invested in ETH. Most institutions and long-term holders also prefer to leverage and go all-in on BTC.
So when the macro environment improves, BTC will rise, but ETH may not necessarily rise. This is why in the early stages of a bull market, BTC generally leads, while ETH tends to start when the macro outlook is sufficiently optimistic, which usually occurs in the later stages of a bull market. This is also why more people tend to be caught up in ETH rather than BTC.
