Digital gold is only Bitcoin! The ETH-to-BTC exchange rate has dropped nearly 80% over the past 8 years, having passed through three bull-and-bear cycles and continuing to weaken—it’s no longer just short-term fluctuations.

Why has the former king of public chains fallen behind Bitcoin, and why is the gap getting wider? Four fatal issues go straight to the root:

1. The foundation holds very few coins—no capital to prop things up, no ability to step in as a backstop, and a weak ecological foundation;
2. Technological upgrades rewrite economic models—deflationary logic fails, and the system returns to inflation;
3. Overly clinging to idealism, it has drifted away from the profit-seeking essence of capital markets;
4. Core talent has been lost; new public chains have surged and diverted the flow, completely dismantling the “exclusive narrative.”

With the market now increasingly inwardly competitive and incremental growth no longer available, it’s difficult for ETH to replicate past performance. Sentiment can’t prop up the market, and belief can’t beat the cycle. Bitcoin is still the ballast that carries you through bull and bear markets. At this stage, it’s recommended to keep a light position and stay cautious—follow the trend and protect your principal.

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