ETH used to a BTC beta play:

If BTC goes up, ETH goes higher. If BTC dumps, ETH goes lower.

But now, BTC goes up while ETH is flat.

A few major changes happened:

• ETH has its own DeFi, NFT, & L2 ecosystems, valuing on their merits
• Staking adds yield, shifting it from pure speculation.
• BTC = "digital gold"; ETH = "tech platform." Different narratives, different flows.
• ETH now trades on innovation, not BTC’s price moves.

But ETH innovation, at least on the L1 seems stagnant and competitors are getting stronger.

Hopefully, ETFs can push us out of this price misery.