$ETH The most eye-catching thing about this round isn't how much it has fallen, but that it has been falling for so long, yet on-chain activity still hasn't truly caught up. Over the past five years, it has almost never outperformed "holding cash," but now its retracement is deeper than $BTC , making it appear less expensive in terms of valuation. The question is straightforward: if on-chain demand still can't pick up, this kind of cheapness is more like a repair space rather than an immediate turnaround. $ETH $BTC