The recent BTC is really frustrating. In the past two days, it has been alternating between Asian time and US time, with one rising and one falling, and one falling and one rising. On the contrary, the stability of ETH has become much higher, which has made many bearish friends lose their glasses. This issue has been discussed for a long time, and there is also a large amount of data summarized in the weekly report. The recent rise and stability of BTC is not due to the significant increase in its purchasing power. There is no spot market or ETF, and the number of contracts has increased. The price change of Bitcoin is mainly due to fewer sellers. But when negative expectations arise, selling increases while purchasing power does not increase, so price stability is disrupted. Even though there are still occasional drops of pressure that have not been fully released until now, Moreover, in terms of trading volume, BTC's trading volume has been sluggish recently, which also indicates that low prices are becoming increasingly difficult to attract market interest, even in the primary and secondary markets of IBIT. The purchasing power of the primary market has shrunk, and the trading volume of the secondary market has decreased, so BTC is becoming more and more like the US stock market, and is more strongly influenced by the macro policies and emotions of the US. But ETH is a bit different. Although the trading volume of ETHA has also been declining in the past two days, there is still a significant increase compared to before. Even the decrease in trading volume compared to the peak is still limited, indicating that ETF investors are still supporting ETH with real gold and silver. Although the primary market is a bit weak, the secondary market is very strong. Moreover, from the perspective of trading volume on the exchange, ETH is also in the process of gradually increasing, while BTC has been in a low trading position for a long time. So what I want to explain is that the current market structure has changed, BTC still has fewer sellers and fewer buyers (no change), while ETH has become dominated by ETF and spot trading volume. Speaking of human words, BTC is a bet on the future, ETH is bought now. BTC believes that the future will not be bad, so there are fewer people selling now, while more investors in ETH believe that now is a good time because the exchange rate is still very low, so buying now is a suitable opportunity. The current ETH is very similar to BTC that just passed through the ETF period after February 2024 (the ETF passed in January and then rebounded). This article is sponsored by Bitget | @ Bitgetzh