Last cycle no one really owned any Bitcoin because they didn't think it could get to $100K and they wanted more upside - so they bought $ETH as beta - then BTC out performed because everyone owned ETH already, there were only sellers waiting. No one chasing, no new capital. ETH underperformed.


Solana was written off last bear market because of being SBF and FTX adjacent. As such, no one held $SOL , so Solana out performed.
This cycle no one owns $ETH because they believe in memecoins more for rapid returns - and that's SOL territory historically.
So if ETH is underowned, will everyone eventually chase and it becomes the outperformer?
Don't know but:
> ETH/BTC looks nice across the 3M
> Tom Lee is ETH's Saylor (without the ponzi's)
> Underowned by CT (first time almost ever)
> Still got ETF's (+staked ETF's)
> Robinhood launched own L2
> Seemingly constant institutional deployments on ETH (OUSD)
I'm cautiously optimistic given that everyone's bags are BTC, HYPE and SOL.
BTC-0.50%
ETH2.58%
SOL-1.53%
HYPE-0.59%
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