In the next bull market, Ethereum’s upside potential is expected to exceed Bitcoin. This judgment is mainly based on a reexamination of the core narratives.

In my view, the three most certain main storylines of the next cycle—U.S. stock tokenization, AI + blockchain, and stablecoin payments—almost fully positions Ethereum at the core nodes:

· U.S. stock tokenization: Ethereum supports more than 35% of the tokenized stocks market, and has become one of the most important issuance and settlement networks;
· Stablecoins: on-chain stablecoin supply accounts for more than 50%; real inflows of funds and ongoing payment demand continue to settle within the Ethereum ecosystem;
· AI + blockchain: the ERC-8183 standard is addressing trusted transactions and collaboration between AI agents, laying the foundational infrastructure for the on-chain AI economy.

By contrast, for Bitcoin, the core logic behind this round’s rally is highly concentrated in spot ETFs and the BTC Treasury Company (DAT). But the incremental capital windfall from ETFs is already close to being fully released, and the hype around the DAT model has clearly cooled— even MicroStrategy has started to reduce some of its Bitcoin holdings, and the store-of-value narrative is facing weakening.

Therefore, in the next cycle, Ethereum has richer application scenarios and industry catalysts, while Bitcoin temporarily lacks a new growth engine. Based on the above logic, compared with BTC, I am more optimistic about ETH’s performance in the next cycle. #夏日创作营