20/05/2024
Based on various current information, the probability of spot approval in May is very small.
The market consensus is expecting that applications to be declined this week.
Compared to , Ethereum's overall performance is weak.
Even compared to , Ethereum's discussion in this bull market is not as hot.
Why does the phenomenon of "Ethereum looking weak" occurs?
We judge that there are 3 reasons:
1. Bitcoin spot ETF has brought a huge amount of incremental funds to Bitcoin. Earlier, the market also hoped that the approval of Ethereum spot ETF could bring more off-exchange funds, but as the hope of approval became increasingly slim, everyone's expectations for Ethereum also decreased.
2. Lack of new narrative. Ethereum's this year is mainly supported by " ", but Restaking is more of a gameplay to improve the efficiency of capital utilization with existing funds, and the of the narrative is low.
3. is not strong. This is also the reason why Solana is stronger than Ethereum. In this bull market, the overall performance of coin is good, and it has also sucked up a large amount of market .
Many publishers of MEME coin choose Solana as their first choice, which is also because they value Solana's vibe.
From this perspective, Ethereum's seemingly more "stable" personality does not cater to MEME's vibe.
Is there still a chance for Ethereum in the future?
We believe there is.
The core reason is that as a in the world, Ethereum is still exploring core blockchain issues such as how to better , , and ensure and . Although it is moving slowly, it is at least moving forward.
