The logic of the bull market has long changed.

In 2021, ETH hit a peak with DeFi; it was a celebration of technological narratives, with hundreds of times coins blooming everywhere.

In 2024-2025, SOL and BNB supported the Meme sky, creating a wealth effect that directly maxed out. Meanwhile, Ethereum, which insists that "technology changes the world," failed to break new highs for the first time in this bull market.

Some say Ethereum's moat still exists. But the reality is, while other chains are competing to capture sentiment and indulge in human madness, it remains polishing its technology in place.

Bull markets never belong to those who stick to ideals; they only belong to tracks that can create hotspots and ignite emotions.

Ethereum's technological advantages have long been crushed by the efficiency, costs, and narratives of new chains.

In the next bull market, can it break new highs again? I see it as uncertain.