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

In my view, the three most certain main storylines in the next cycle—tokenization of US stocks, AI + blockchain, and stablecoin payments—almost fully position Ethereum at the core nodes:
· US stocks tokenization: Ethereum carries 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%, and genuine net inflows and payment demand continue to settle within the Ethereum ecosystem;
· AI + blockchain: the ERC-8183 standard is addressing the problem of trusted transactions and collaboration between AI agents, laying the underlying infrastructure for an on-chain AI economy.
By contrast, for Bitcoin, the core logic behind this round of gains is highly concentrated in spot ETFs and BTC treasury companies (DAT). But the incremental capital dividend from ETFs has nearly been fully released, and the DAT model’s momentum has clearly cooled—so much so that even MicroStrategy has started to reduce some of its Bitcoin holdings. The “store of value” narrative is now facing loosening.
Therefore, in the next cycle, Ethereum has more abundant application scenarios and industry catalysts, while Bitcoin temporarily lacks new growth engines. Based on the logic above, compared with BTC, I am more optimistic about ETH’s performance in the next cycle. #夏日创作营