ETH may surpass BTC in some aspects in the future, but completely surpassing it as a whole faces many challenges and is highly uncertain.

- Application Scenarios: BTC primarily focuses on value storage and transfer, with a single scenario; ETH relies on the Ethereum ecosystem, supporting diverse applications such as stablecoins, DeFi, and NFTs, with greater potential for user growth and may surpass BTC in terms of applications and users.

- Technological Development: BTC has slow transaction speeds and high fees, with slow progress in improvement; ETH has an aggressive technology roadmap, such as zkEVM, and if upgrades are implemented, it will enhance competitiveness and facilitate technological breakthroughs.

- Market Supply and Demand: BTC has a fixed total supply; ETH has no total supply limit but has a burning mechanism, and its inflation rate is already lower than BTC's. If utilization increases, the deflationary effect may become an advantage.

- Institutional Recognition: ETH ETFs are attracting strong funds, with significant recent inflows, while Bitcoin ETFs have net outflows, suggesting that continued institutional optimism may drive its market capitalization to approach or even surpass that of BTC.

- Regulation and Status: ETH faces greater regulatory pressure due to its complex financial attributes (e.g., the EU lists it as high-risk); BTC, as the pioneer, has a strong first-mover advantage and a stable "digital gold" status, with strong market inertia, and ETH needs to break through cognitive barriers.