ETH is starting to noticeably outperform BTC.

Capital is beginning to flow back into ETH.
Because the market is slowly recovering.
The typical rhythm of capital rotation is usually like this:
First buy BTC, then buy ETH, and finally more altcoins get their turn.
BTC is more like a safe-haven asset.
ETH plays a more risk-on role.
So, when ETH starts to outperform BTC, it often means the market is willing to take on more risk.
However, I think it's still too early to draw conclusions right now.
ETH's strength doesn't mean the altcoin season has already arrived.
What really needs to be watched are two signals:
1. Whether the ETH/BTC exchange rate can continue to maintain its strength, rather than being a one-day move;
2. After ETH strengthens, whether mainstream ecosystem projects like SOL, LINK, UNI, and AAVE begin to show continuous rotation.
If only ETH rises on its own, it's more likely capital just shifting between major assets.
If the entire ecosystem starts to rise in succession, that's when it indicates the market's risk appetite is further warming up.#GUSD年化升至3.8%