#数字资产生态回暖 “Why Is ETH’s Rally This Time Lagging Behind BTC? Is the Bull Market Still Alive?”

Recently, many people have been asking: “Bitcoin is already celebrating wildly, so why is Ethereum still so calm? Is this bull market about to crash?”

It’s hard to hear, but we need to stay calm and let the data speak.

**Historically, ETH always behaves this way.** Each cycle follows the same script: Bitcoin leads the way, Ethereum follows. The reason isn’t complicated—BTC carries the “macro asset” halo, with large institutions taking the lead; while ETH relies on “technological progress + ecosystem stories,” which take time to develop and be digested by the market. From a different perspective, BTC’s rapid rise isn’t because ETH is weak, but because their storytelling rhythms are inherently different.

What does the current situation look like?
- The total staked ETH continues to hit new highs
- Layer 2 scaling solutions are becoming more mature, on-chain Gas fees have significantly decreased
- Institutional investors’ interest in ETH continues to grow

All these signals point in one direction: the ecosystem is gathering strength, not about to face a storm. What does a real bear market look like? No on-chain interactions, large capital withdrawals, developers dispersing. But right now? None of that has happened.

**So why does ETH feel a bit cold?** To put it simply, the market’s spotlight is temporarily not on it. BTC has the story of ETF support + macro hedging, while ETH’s technological iteration + L2 expansion are still in the warm-up phase, not as glamorous.

**Will the bull market come to a halt?** No. ETH usually begins “catch-up” in the mid and late stages of the bull market, and once it starts, it tends to accelerate quickly. As long as the macro environment doesn’t suddenly collapse and funds remain stable, $ETH will eventually take over the baton.

**The most heart-wrenching statement:** It’s not that the bull market is over, but that ETH is gathering strength. If it were to truly end, it would be a sharp plunge, not this kind of “slow half-step.” This rhythm is precisely the characteristic pattern before its major rallies in previous cycles.