You're right, if ETH rises more than BTC this round, I will change my opinion. Because the capital market is profit driven, if market funds believe that this asset has prospects and growth potential, they will naturally pursue this theme. There are great scholars who argue for ETH. But I believe all major ETH holders will admit that the holding experience in this cycle was terrible. If it weren't for Tom Lee fooling a bunch of big holders into buying ETH (and bullish arguments are equivalent to financial idiots), ETH might have lost its heart now. ETH is not a consensus asset like BTC, which only needs to exist and does not require success; It is not a growth oriented company like NVDA that is certain to reap the dividends of the entire era. It is a technology platform asset and is currently being eroded by L1/L2 within the industry, while the industry is competing with AI computing power and capital attention externally. It's not that 'technology in a competitive state' doesn't qualify as an investment target. The competition in the AI industry is also fierce, but capital markets around the world are pouring money into this field because AI is reshaping productivity. It directly increases output, reduces costs, and changes the profit structure of enterprises. Therefore, even with fierce competition, capital is still willing to continue investing because the entire "cake" is growing. Crypto is reducing financial friction by optimizing the efficiency of existing systems, rather than creating a new productivity flywheel. The big difference between the two is that market funds have already voted. If we don't look at BTC, just look at the overall market value of altcoins. With the Nasdaq rising by 20% this year, how much has the market value of altcoins fallen? If there is already a simpler, safer, clearer lower bound, and overall lower leverage option (BTC) in the market, why choose ETH when it is also a long-term spot allocation?