Ethereum officially takes over, with Bitcoin retreating to the sidelines? This time it's really different.
If you've been following data from major exchanges like Binance and OKX recently, you'll notice a significant change: in USDT trading pairs, Ethereum's daily trading volume has greatly surpassed that of Bitcoin. Although Bitcoin still slightly holds the upper hand when considering all trading pairs, what truly reflects the market's real liquidity and trading activity are stablecoin trading pairs—behind this is Ethereum emerging as the true 'new index of the crypto circle' in this new cycle.
The market structure has quietly changed. Bitcoin is becoming increasingly institutionalized, with a large amount of holdings concentrated in ETFs, funds, and long-term holders, leading to a gradual smoothing of volatility. It no longer reacts as violently to retail sentiment as it used to; instead, it resembles a 'macro asset,' with steadier and slower movements, even gradually becoming 'like the US stock market.'
Meanwhile, Ethereum, with its explosive ecosystem, Layer 2 expansion, and innovations at the application layer, is accommodating real trading, speculation, and usage demands. It is no longer just a currency but the infrastructure of a vast financial ecosystem. Therefore, we are likely entering a new phase:
When Bitcoin consolidates, Ethereum rises;
When Bitcoin falls, Ethereum consolidates or holds up relatively well;
When Bitcoin crashes, Ethereum's decline may be smaller or even stabilize in advance.
This is not blind optimism, but an inevitability of market structural changes. Previous cycles were dominated by Bitcoin, with retail investors chasing highs and lows, and sharp transitions between bull and bear markets; now, Bitcoin is being 'locked up' by institutions, while Ethereum takes up the banner of volatility and becomes the core of a new narrative.
Many people are still using old frameworks to predict a bear market, hoping for Bitcoin to lead the market into another crash—but this time, it really could be different. The market's infrastructure, participants, and asset logic have all been restructured, and judgments based on outdated models will only cause one to miss the trend.
Ethereum is no longer just the 'king of altcoins.' It is the barometer of the new market.
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