BTC repeatedly fluctuates at high levels, with unclear direction, and funds are beginning to respond with actual actions — shifting from a pure "hedging" mode to a "gaming" mode.

Looking at historical trends, an interesting phenomenon can be observed: whenever ETH trading volume exceeds BTC, two things usually happen next. First, BTC enters a sideways consolidation phase; second, the market begins to explore the upward potential of small and medium-cap coins.

The current situation is a bit special — ETH has not experienced a significant surge, which seems more like a reallocation of funds rather than chasing high prices. When investors stop obsessing over BTC, the first to absorb funds are often ETH, followed by those small-cap assets that have been long neglected.

This does not mean a full-blown bull market has started, but it is likely a phase of "quietly ongoing行情." The real question worth pondering is quite simple — when the entire network is discussing passionately, can you still get on board?