I am indeed quite disappointed with ETH, not mainly because it has dropped significantly, but because it has almost followed all the paths of Bitcoin. The positive news for Bitcoin has almost all been shared with ETH, but emotionally, every time the foundation sells 100 $ETH, it feels quite unpleasant. While this 100 ETH doesn't really impact the market much, it does affect the sentiment of many retail investors.

Secondly, the liquidity is indeed not good enough. The majority of the market's funds are still primarily focused on Bitcoin. The data from ETFs shows that American investors are indeed making efforts to buy in, but what ETH lacks is sufficiently strong business capabilities. This may sound a bit funny, but since 2023, the on-chain wealth effect of ETH has disappeared.

Without liquidity, without a strong narrative, without a wealth creation effect, and still being the perennial second place, a reversal may have to wait until liquidity returns.

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